Today I sold my position in US Oil. (Ticker symbol USO) I had entered the position on December 9, 2009, and had planned to hold much longer through the inevitable back tracking. But the steepness of the recent sell off, which seems tied to the general market retreat looks dangerous. I decided to sell my position while I still had a small profit, and plan to re-enter when the current panic seems to have subsided, even if that is at higher prices. If the recovery continues I think higher oil prices are virtually certain, but there are a lot of traders in the oil market. They can push the price much more than changes in supply and demand would seem to warrant. So I think stepping to the sidelines at this point is a prudent choice.
Archive for January, 2010
I Sold my US Oil Today
Friday, January 22nd, 2010Earlier Market Comments
Wednesday, January 20th, 2010I started this blog in January 2010, but I have been posting market comments on Covestor since March 2008. Below I post the market comments I have written previously on Covestor.com.
Recent Fed Action
March 21, 2009. I have mostly taken short positions in the market for the past year, but with the market down so far now I have been looking for some reasons to go long. (more…)
Earlier Stock Trades
Tuesday, January 19th, 2010I started this blog in January 2010, and I include information on the stock trades I am making in my Covestor account. But I have had a blog on Covestor since 2008. Covestor date stamps the blog posts to maintain an accurate history of stock trades and blog posts. My Covestor blog can be viewed at Covestor.com by searching for Robert Miller. But below are copies of the earlier stock trading blog posts that are on my Covestor blog:
Relm Wireless
Dec 15, 2009. Today I covered my short position in Relm Wireless (RWC) at 3.20 for a nice short term gain. Shorting RWC was an idea from Timothy Sykes. I got a little nervous when Tim bailed out early back on December 10 when the stock didn’t drop right away, but since volume fell sharply I decided to stay short for almost a week and the trade eventually worked out well. Thanks Tim! (more…)