Tuesday, August 5, 2008
Bounce in Energy/Commodity Stocks?
The energy and ferts appear to have bounced off the lower end of the recent channels and longer term support lines. It's amazing how some of these channel and support lines work out. I drew some of these lines a couple weeks ago. I'll be looking for a rebound back to the moving averages in the next couple of days:
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OE, Picked up a few CALM calls this morning. Also,I may take a flyer on FNM OTM calls prior to their earnings release on Friday. I think Joe Investor is expecting-with the world,the same reaction we saw in FRE. I'm a contrarian at heart and a gambler. Look at some of the activity on the way OTM Aug calls. Somebody is a gambler all right. I may join the party. Any thoughts?
I re-entered Aug 35, 40 & 45's. The volume is still very low so there should much more to this squeeze. I looked at those FNM calls and there is still a bit of premium. The next overhead resistance is 16. If you want to gamble, go for it. I rarely hold through earnings, though...just not worth it. FNM is so depressed, if they surprise, there will be plenty of time to get in.
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