TCM Notes : 6/12/09

• Sorry for the lack of notes this past week. By the time I got my thoughts sorted out I was too tired to type. That said we finished up solid for the week, although many feel that we are rolling over. Still holding above the 9dma on the charts so longs are still the way to play this market. Wednesday did give us a distribution day, so the count is 3 for the Dow and SP500, and 1 for the Nasdaq.
• Based upon overcrowding in the energy trade, and the pending Iranian election I got long some ERY in the after hours of Thursday's session at 16.89. I got the gap up I was expecting this morning, but oil couldn't fall more than 1.06. So I closed the position short of my 18.51 price target. However, I did manage to sell .12 from the highs at 17.76. So it was a nice counter trend scalp. And it was my first dance with one of those triple beta products. Still no word on who won the Iranian election, but if Ahmadinejad loses oil is going to come off at least 10% imho. Again sorry for the "after the fact" post, but I wanted to document the thought process involved in this successful trade. My stop was at 16.06, and while it didn't hit the target the plan was factored on legitimate risk/reward parameters.