EDGE TRADER

Monday, September 12, 2005

Corning


Sold some GLW into a 52 week high today. Also unloaded a little more AAPL. Other than that no real activities to speak of. Unfortunately, my life sometimes gets in the way of my trading (and posting) at times, and the past week has been one of those times. We are preparing our home to sell (according to the pundits) at the peak of the housing bubble, so that we can move up to a larger home across town.

If, I were trading today, there would have been very few setups for an overnight swing trade, and all too risky for my capital with a fed related number coming out tomorrow. Virtually all the securities that seem interesting are in the energy sector. Now it is quite possible that crude will rebound tomorrow and again push through 65. Timing as always is the key. Was today the day to buy energy, or should we wait? With every day that crude futures push down, the odds for a profitable swing trade in energy increases. My eyes would be on VLO as a possibility. RIG is another... Someone else would consider CHK, but I am already long in that stock, so I won't trade it here.

I for one am not sure that will happen. I would guess we will see sideways trading in crude for the next few days. The delusional will be watching the PPI tomorrow, and jobless claims on Thursday, hoping for signs that the Fed may reverse course and skip next Tuesday's rate hike. I for one am not counting on that happening. Let's be honest with ourselves, though people. The Fed is not looking at inflation. That is just the cover story. If you are wondering whether there will be a pause, ask yourself if the last rate hike had an effect on mortgage rates. That will tell you if they plan to continue. Still, I for one hope the Fed maniacs see what they want to see in the numbers this week so that I can profit from their delusion!!!

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