Mid Week Update and Look Ahead

Well oil inventories were a little lower and distillate inventories were higher. So initially the price of oil dropped and no surprise the markets advanced. Oil has since rebounded a bit but the market is still up. There is a fair bit going on this week from a market standpoint. Thursday sees the release of the Retail Sales Report and Friday is the CPI report.

Perhaps a larger event looming on the horizon for this week is the infamous triple witching day also sometimes referred to as Freaky Friday. Freaky Friday occurs four times a year on the third Friday of March, June, September and December. It’s when all the contracts for stock index futures, stock index options and stock options all expire on the same day. The day typically is a more volatile day as traders look to offset their options and futures positions. This is something taken into account by the day traders but position traders, like what I’m doing, and especially long term investors need not worry too much about it.

Looks like both my positions seem to be diametrically opposed today. SCUR looks to be poised to close above $7.00 so I’ll have to look at keeping my price target or switching to the stop loss that we talked about earlier. Meanwhile CLRK is down 0.15. Yes, CLRK is a long term investment but there is some frustration in seeing a stock you bought sitting below the price you paid for it. Writing this blog requires me to look at prices on a daily basis,, but I must resist the temptation to dump this stock and buy something else. I think this one will prove to be a long term winner. Also MFLX looks to be down $1.00 so that is still on the radar screen. It looked poised to break out but the volume just wasn’t there I guess. Let’s see how low it can go.

As my price target on SCUR is approaching, I must start to look for other stocks that I might want to move into as I exit the SCUR position. So I’ll have to do some searching and see what I can come up with. I’ll bring up some stocks in a future post and we can look at each in turn to flush out some candidates. Who knows maybe someone will post some stocks to look at…..