The market started the day pretty well, seeing some gap-up opens in the energy sector and oil services. We quickly cashed out our gains in DVN and NOV (both mentioned yesterday). The DVN trade was purchased about a week ago and rendered a +43% gain; the NOV trade gave us an overnight profit of +22% gain:
HappyTrading
Posted July 2, 2008 at 6:45 am | Permalink (Edit)
DVN ($126.61)
DVNGZ, out at $8.6 (nice breakout)
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Posted July 2, 2008 at 6:49 am | Permalink (Edit)
NOV ($91.97)
NOVGQ, out at $8.3 (this one has room to go; out for now)
CHK, also mentioned here last night, flew to a new all-time high of $74; but, closed at $69.4, up just $2.04. CHK announced a new joint venture to develop a promising natural gas deposit.
Metals and mining sector (XME) was weak right from the beginning, especially coal mining companies. Coal prices fell today as some traders felt like the long-awaited correction had finally arrived. Many coal and steel stocks recorded double-digit declines: ANR -16%; PCX -14.9%; MEE -18.92%; ACI -17.19%. Steel companies also stumbled: X -12.52%; RTP -8.17; CLF -17.24%.
In late afternoon, VIX started to glide higher, and I said on the member board:
HappyTrading
Posted July 2, 2008 at 11:46 am | Permalink (Edit)
market
VIX seems to be creeping higher.
