The Oil is Too Damn High!

Pretty large snow storm here the past two days. Heavy wet snow, but the roads were in good shape and had almost no issues with commute.

Tomorrow is Friday night, so get those requests in.

Position Review and Portfolio Changes
It's been a more wild week than markets have seen. The drop on Wednesday was somewhat more nasty than anything else seen in 2012. Again, you have to keep perspective.

I was stopped out of the position I had started on Monday in CTCT for -2.8% loss. Looking over the chart the damage to the potential breakout over $32 is not mortal, but a stop is a stop, it hits, you walk.

I have been in BANR since 2/1/12 and as it passed the key level of $20 I was liking it, as it passed $20.50 it looked better and today it was over $21 for almost the whole session and ended right at that level (click any chart for larger view):

Still holding and real buy interest here.

I am still long CACI from Monday. It's still has to prove it can stay over $60 or I am moving on. WFM continues to look solid and closed over $82 today.

I added WRI (Weingarten Realty Inc) as I had a buy order set should WRI get over the $25.20 mark and it did today. The stock was moving well all day until the oil fear induced meltdown late day (will discuss below). Still, the close over $25.20 was my trigger and WRI may get out of this range soon:

That is where I am as of today in trading account.

The Oil is Too Damn High!

"The oil is TOO DAMN HIGH!"

I was going to try and make a technical case on oil prices and the general stock market, but why? It's common sense. The oil is too damn high!

Late in the day after some real equity progress Twitter went aflame with oil price quotes. The run was insane and high oil prices are not good for anything, period. There is no way to contort that one data point any other way. Whether a Saudi Oil pipeline was or was not sabotaged or had an accident, oil going higher will cap equities in my opinion. It is so like Iran to do something like this, so I do not dismiss it out of hand. Still, some level of speculation has moved into oil, was it the silver crew moving on?

It's a mess but what I know is if oil continues higher (my man ChessNwine has a great technical case here that it will) only the best set ups and best behaving stocks will be kept or considered.

Have a good night.

Buy Charts and a Look at Some Utilities

The Daytona 500 was rained out yesterday and is being run tonight. Clearly I will be a bit distracted so just a quick post that is chart heavy for tonight.

Market Operations
This morning's sell off just did not feel like it was going to stick and pretty soon after the open buyers stepped in. After things settled in this morning I opened up 3 new long positions.

WFM (Whole Foods Market)
I usually don't enter into names I see all over Twitter and other places, but the long term 2006 top for WFM is too interesting a spot not to try out here. Click any chart for larger view.:

CTCT (Constant Contact, Inc.)
I saw this one over in the 12631 trading room as worked up by ChessNwine. Tight basing after a breakout over $30, has some room to run higher:

CACI (CACI International Inc.)
I found this idea on a PPT screen. Great buyer interest and stock has moved past the $60 level here:

I still hold BANR but it's putting me to sleep and will cut soon if the stock fails to move.

A mix of names for this week.

When I was doing my screens I noticed a large number of utility stocks making up the accumulation list. Some of these names are seeing buying numbers that are even larger than during the height of the summer doldrums. A couple I found:
NEE

D

There were about 4-5 other names that looked the same in the same sector. This screen tends to show accumulation before price moves. Why are "safe" plays like utilities being bought more aggressive than any time since the summer? I am not sure, but it's worth watching the rest of the week.

Have a good night.