Quint -

Did you close your position in DUG?

Glad to see you back. Thanks..

I took half off and will use a close below the 4/22 low as my line for the rest.

Thanks, its good to be back.

Quint - good to view a tape, again, welcome back!

Good day, yesterday, and was able to take real and get back to cash.

As I watch the tape on AOB I moan to myself; now looking for an entry point. Do you anticipate an opportunity?
Thanks!

The S&P;closed below support yesterday. I threw in 1/3 of all my ETF exposure and will be watching this area very closely. I don’t like it that we can’t get back above the longer term trend line from 2004 and stay there.

Despite being out of touch today and tomorrow as I am with clients and handling meetings, I am checking in often and haven’t done a thing here. I am letting this action play out.

Another big shake would not surprise me at all and will give us an idea of just what sort of money is out there ready to step in.

Patience here, patience.

I have taken more of my ETF exposure off here. While I don’t have a good feel simply because I am away from the office, the 20k foot view doesn’t look too hot.

Quint I hope your meetings with your clients are more productive than watching the stock market bounce up and down.  Is there a way to take a poll?  I wonder if the recent market surge was spike up and we’re back in to the channel. Or if it’s just a necessary pullback as you forcasted and we’ll move back above 1400? The market did not respond at all to the descent retail and jobless reports.  I can understand why the XLE went balastic today but why have the Fins tanked.  Whats up?

Too many casual bulls, who were long fins and short oil-a fashionable trade and a crowded one, which usually leads to disaster.

Mike, You are absolutely right. An 18% move in the XLF is a little too much without a real dip. It will be interesting to see if some of these fins hold their break out points.

As far as oil, geesh, no more stepping in front of that train.

I’ll be back in the saddle again on Monday all. No more biz trips scheduled for a while. Phew

Holding DUG has been as much fun as chewing velcro, but the DJ Oil & Gas index (which DUG tracks, inversely) looks likes it just tested the April highs and failed today. Maybe we can be friends with DUG again!

Yeah...I started buying DUG at $31.00, and more at $29.60. Average is $30.03. I am going to keep a “tight” stop on this one. I don’t want to get wiped out by this oil freight train.

Despite still being out of touch, I feel no inspiration to do a thing here at all. I am around 30% net long, and just fine with that for the weekend. No heros here at all.

Q are you going to produce a Tape Talk this weekend?  I’m almost all cash after the last couple days.

Atom, I sure am. I will be back in the office sometime on Saturday, and will knock out a TT on Sunday.

Enjoy the weekend.