Friday, April 30, 2010

ERY buy ??

I got a s/t ERY (triple energy bear ETF) buy, but I wouldn't take it because its still in a long term downtrend. on the other hand, if it runs up a bit, then goes down and tests the lows and bounces that may be the time to take a shot at it with a stop below the lows. low risk, high reward. Lots of questions with the oil sector with the oil spill, lawsuits, huge supply of oil on hand, 86 oil, but the saudis say 80 is the right price and they control it. I dunno.. could be a nice trade. We will see but in the meantime it doesnt meet the requirement of being in a long term up trend or having set a base.

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