This volume is just anemic, I can't wait for next week to get a good gauge of the market. Dont get all bullish on this low volume upside because when the real money comes in we might be in sell mode. I heard something today on Fast Money about traders buying out of the money calls on the financials and we must take note of that. In my opinion financials are dead money but maybe some traders think they might get alittle bounce.
How to play this is my usual SKF long. SKF below $105 is a gift as we have played here many times for over $20+ profits. Today it closed @ $116 and if its gap down tomorrow I might poke it again.
This quarter will be the worst quarter for the financials and maybe some think because of that we might find a bottom here, no chance in hell.
The dollar looks like it wants higher and that should bode bad for the commodity sector. Oil looks like it might break $110 this time on this test lower. I would not be surprise if it did after today's action. Lets see what the hurricane has in store for us on that front.
Have a safe holiday if I dont post till monday.
Thursday, August 28, 2008
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