Note: I AM NOT calling a bottom here. Not yet, not now. I think a parellel may be drawn between the Amaranth collapse and the Barings collapse? Both led to the collapse in prices in the markets of the securities the firms were respectively active in, but after that, the market jumped sharply, though the bottoming took the Nikkei a while before it surged. Perhaps some similar opportunity may present itself in the energy market, we'll see.
Wait, your buying buying buying, but not calling a bottom? This is straight forward long term buy territory, but i gather most of your stuff is intraday, is that right? Your looking to hold, or just buying resistance prices intraday, directionally?
More of an intermediate term position. Note that my "not calling bottom" post was 1 week before my buying.
one of the most successful "locals" ( pit traders) in NAT gas (?) was on CNBC yest ... he was calling for a rally but prob was very short term ( maybe even for one day only ) well ... he did get his one day rally ... wonder if he stayed long into the close or went flat
What do you think those guys get paid for their prognostications. If they are wrong they get made fun of by Mr Radigan. Ouch! Where do I sign up? By the way, "the Admiral" (why is he the Admiral?) never said how Joe Schmoe could ride this wave. Is his point about natural gas having only so much storage potential valid or BS. All I know is natural gas futures are only for the bravest trader (Mr Hunter maybe was too brave). Some proxy stocks were mentioned on this or another post. How about El Paso (ep), it seems appealing at these levels, looks supported at its 200 day ma. Who knows?