Thursday, November 5, 2009

Trade 186 - Bullish Oil

Ok Macro themes are always the first screenout for my trades - and Oil and Gold have been on my radar for the past few weeks. I am more bullish on Gold than oil, and actually considered Long Gold Stocks/Short Oil futures - but couldn't really justify any reason to play correlations at this point of the market, when both look to be trending higher.

long 218 STO @ 14.87

1/ stop 14.70, target 16.00
2/ sitting 200DMA, support levels strong
3/ rising oil price
4/ next upleg may feature a breakout

The stock is very close to my stop loss, so the position may not be open for long.

I am now completely long on my IB account - 3 positions spread between NCM, SGX, STO.