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Friday, June 18, 2010
THEY ARE LUCKY I WAS NOT THE HEAD OF BP YESTERDAY
Listening to these punks in Congress at times makes me feel embarassed to be an American
The grandstanding talk after the fact is so hollow you really have to be a moron not to see through it. I am fairly sure these people do not fool the American public for a second. Look at how tough I was on BP, don't I command your respect now and hence your vote for re-election? I suppose that must be the mindset of these guys. If I was the BP guy I would have asked these chumps to relate similar situations and decisions they made when they were running fortune 500 companies. Of course it would be crickets because none of them have so silence would abound. I do not defend BP, but this circus accomplishes nothing at all. Nobody intentionally did this, it was an accident.
These are the people running this country, is it any wonder we have problems?
Looking at the stock chart of BP I find there is actually a buying opportunity here. You can see the trend oscillators have now crossed into uptrend modes, so I am looking for an entry down here. Why not make money of this disaster if you can? When things get pushed to extremes like this, you often get opportunities for the reversions when they happen. This is one to keep an eye on.
Here we have the SP 500 chart and you can see how we are moving up nicely, with the trend indicators confirming the upward move. I do still feel we are in pullback mode on a weekly basis, so I will be looking for short entries in another week or so most likely. For now it is hold your longs, move your stops up to protect your gains, and let it ride.
Nothing else much to discuss today, other than there was a continuation long entry in Soybean Meal today that I passed on even though the Grains are moving higher. It is the third buy, and generally I like to do the first 2 in a trend change and not the third. Below is a snapshot of that market.