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Oil of Oy Vey!


Crude is getting waxed for almost 5% on the heels of Iraq's acquiescence and that, coupled with the slippage in gold, smells like traders got caught leaning the wrong way. I don't know oil from May wheat but I gotta think that, at a point, you can fade (read: buy) this move. On second thought, trading the equity market is tough enough...who needs to dabble in commodities? Pork Bellies...I knew it!

The lunchtime lull has set in and we've started to do work around our technical levels. The S&P is futzin' around 890, the SOX is trading around 300 and my waist line has settled back to a paunchy 36. The internals continue hang tough and winners are now outpacing losers by a 3:2 margin. Meanwhile, I can't help but notice the irony of this morning's whippage. We sell off on our Fed chief and rally on Saddam...that's nutty, Austin!

While it's quiet I once again wanted to thank the readership for their continued support. We've got some pretty cool things in the cooker and as I've never been one to keep secrets, I'm itching to let the critter out of the bag. I'm going to exercise discipline (for the most part) but I will say that we're tying charity into the mix via The Ruby Foundation for Children's Education. For those of you who are new to this column, my grandfather was my best friend and guiding spirit and this foundation will serve to honor his memory. As the column evolves and we become more familiar with one another, I'll share some great stories with you. That is, of course, if the Margarita maven doesn't object!

I just turned to Junior (nice haircut!) and told him that the ability not to trade is as important as our trading ability. There aren't any special bonuses for playing every day and many times there isn't an adequate edge to do so. There's a natural tendency to second guess yourself at the end of the day but I would urge you to remember commandment #3-opportunities are made up easier than losses. That doesn't mean we can become just means that pressing usually hurts more than it helps.

Hope you're all having a good day.

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