|
From: R. A. Christy
Editor/Publisher, ‘The Long and Short of
It’
President/CEO, Christy Investment Group
http://www.christyinvestments.com
Date: April 21, 2008
| NYSE Bullish
Percent |
Xs @ 46% |
OFFENSE |
| OTC Bullish
Percent |
Xs @ 32% |
OFFENSE |
| Optionable Bullish
Percent |
Xs @ 36% |
OFFENSE |
Good morning and welcome to the last full week of April.
It’s hard to believe that we are 1/3 through 2008 already.
On the market front, we are still on
Offense and it looks like we’ll
encounter overhead resistance in pretty short order. I think we’re OK
here and the thing to keep in mind that 80% of your return is pegged
directly to being on the right side of the market and in the right
sectors. As of today, we are almost 100% long and we are heavily
weighted in the oil and oil service sectors. We are also in a variety of
names that are euro-centric meaning that a weak dollar is good for the
portfolio.
I also managed to post a couple of new articles as well.
Click here to view “The List” and “Are Mistakes Killing Your
Performance”.
OIL NEARS $118 A BARREL (it’s
$117.60 and climbing)
I read over
the weekend that the Saudis are going to keep oil production at the same
levels for the time being. Good news if you own the oil – bad news if
you are the United States. Without an increase in production, we can
expect more price increases as the summer driving season begins in
earnest next month.
I also spent
some time catching up on my reading and it appears that everything is
going green. So is there anything going on here that is going to reduce
our dependency on foreign oil? Appears not –
1. It
doesn’t seem to be politically correct to drill in ANWR for more
oil. This is in the very portion of ANWR that was set aside for the
purpose of drilling for more oil.
2. We
aren’t drilling for oil off the coast of Florida. Why – it’s a
tourism thing even though China is drilling for oil in practically
the same region in Cuban waters.
3. We
aren’t developing ways to effectively use oil shale. Oil shale is
found in great quantities in places like Colorado.
4. We
aren’t developing coal gasification techniques.
5. We are
not building any new refineries in the US.
6. Even
though nuclear power is the answer to many of our problems, it’s a
political football that is too hot to handle.
I wrote last
week about the ethanol mess and the fact that that the corn subsidies
are going to wreak havoc on the world’s food supply. For the record, we
have a mess on our hands and it was made by political intervention and
not the free markets. We can expect to pay a lot more for food going
forward and the ripple effect through the economy is going to be ugly.
The spring
baseball season is winding down and we have three weeks to go. I’ve
taken a pretty substantial beating this year and I am really worn down.
I am looking forward to taking a couple of weeks off to recover.
Otherwise,
all’s fun in life and trading. As always, if you have any questions or
comments, don’t hesitate to send them to me.
That’s about
it for now.
Until next time,
Robert Christy
The Intelligent
Trader
P.S. Please fee
free to forward this to your peers, friends and associates you think
would benefit from its contents. They will thank you for it - and so
will I!
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Robert Christy is a professional stock
trader, money manager and author. Mr. Christy is the President CEO of
Christy Investment Group, Ltd., a registered investment advisory firm.
He is also the Managing Partner and Portfolio Manager of Plato Advisors,
LLC. At the time of publication, Mr. Christy may from time to time write
about stocks in which he, Christy Investment Group Ltd or Plato Advisors
LLC has a position. In such cases, appropriate disclosure is made.
Under no circumstances does the information in this column represent a
specific recommendation to buy or sell stocks. Mr. Christy appreciates
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rac@christyinvestments.com.
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