Commodity Based Stocks…

March 19, 2008 9:16 PM

I said last night that commodities looked like they were going to roll over here. They all got BLASTED today. I said roll over…they rolled over and died. But it is a worldwide commodity bubble, IMO, so the plunge didn’t surprise me. That led to the market slide today. The only thing that has held this market up….the only real market strength has been commodity based stocks…oil, gas, corn, etc.

That was another reason I said to get short CHK. I was simply waiting for the chart to confirm the entry point to short it (again) and this morning was it…

Cramer was jumping on the table earlier this week saying gold was going to $1600 and to buy gold stocks, etc. Long term, who knows….but I do not trade hype or hope.. (my theme song, if you have not noticed)… All I know is AEM is down 20% plus in two days and his lemmings are getting CRUSHED on that trade….. My earlier posts said to avoid it and wait for another chance to get short…. 20% in two days? That is a bad decade let alone 2 days…

I watch the market to see what is really going on….you can watch tv if you wish…

Written by · Filed Under AEM, CHK, Cramer, General Investing/Trading Commentary, General Market Comments, Winning Trades