Thursday, June 23, 2011
Market wants to Reset, Welcome to Sugar Mountain.
The Government announced a release of some oil from Strategic Petroleum reserves. The oil and commodity markets are correcting from lofty levels in pre market. The market wants to reset in these areas for awhile. Dennis Gartman speculated that the Government is shorting oil. If so, good for them and us! Maybe the Government will make some money from all the oil speculators instead of burdening us tax payers further.
I picked no bones these past few months that my notion was to dump the dogs. I picked one stock to outperform . It has, ONTY. It not only doubled, it tripled. Nuff' said to my personal bashers.
But as it surged higher to the 10 range on Tuesday, the big money started pulling the plug. That may signal a short term top until the next count of the data gets a little closer. That could be months.
While I may be wrong, I'd say that ONTY is likely going to camp awhile for a few months.
Other stocks? nah, I watch a lot but not right now. Some ONTY is for me and cash, dry powder.
enjoy the summer. I'll report back from time to time.
Perhaps we will camp on Sugar Mountain awhile until new awareness sets in.
ALL in my humble opinion, scroll down and read more..
This site does NOT make Buy / Sell recommendations.
Posted by Spider j jones