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Monday, June 8, 2009

Market Thought... boring

Boring maybe the 'summer normal', as the market consolidates the massive move. I do not see any major pullback wanting to take place, but I just do not see solid upside from here either. The charts are not giving any particular 'tell' in direction, but the 950 (on the SP500) is currently a cap.

All-and-all, I am very overweight cash and simply waiting. I still have my previously disclosed trades...

1. short USO (although Goldman is not making that any easier :)
2. long UNG (the added benefit of the 18-to-1 ratio divergence in NatGas and Oil adds to 1 and 2)
3. long F
4. long SQM
5. got some PBR today, earlier in the day

I like PBR simply because of its technical set up. It is sitting on potential light buying support, however it has a good chance of testing 40 if Oil does go to 63. I will add around 40.

I am patiently waiting for a few things...

1. JPM around mid 33
2. FCX around mid 52
3. SQM if it breaks to 34
4. AAPL around 132-135
5. GOOG around 425
6. BNI around 73
among others.

One I really like at the moment, just waiting for the markets to subside more, is BKE. If anyone is interested in retail, BKE imo, is one of the best.

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