MadStocks.com: QID: Bought @ 53.22

Wednesday, March 28, 2007

QID: Bought @ 53.22

3 comments:

TraderCaddy said...: I see you bought Qid early-any thought of selling it when there was a pretty decent NASDAQ rally later in the morning? I find that when I buy QID early on I get whipsawed so congrats on hanging on. I did look at SDS & DXD since the S&P and Dow were underperforming the NASDAQ for most of the morning (ended up not buying either).; March 28, 2007 at 8:30 PM
Ragin' Cajun said...: I like QID, it's the most liquid out of the inverse ETF's, and will continue to trade it when I feel the market is heading lower. I believe we have another leg down before up. I don't like the fact that gas prices are hovering around 3 dollars. Anyway, I plan on holding QID for a little while.

What are you doing anyway shorting oil? It could prove to be a smart move, but I wouldn't risk it with Iran out there!; March 28, 2007 at 9:21 PM
TraderCaddy said...: It was XLE that I shorted and it was a quick in and out trade. OIH and XLE have tended to track equities more than the commodity, but, it was a clear signal something was wrong when OIH kept losing its postive action throughout the morning.
Anyway there has to be at least a $5-10 war premium in the price of oil. Supplies are ample and the only problem was using the crude for refining gasoline. However, due to the economy slowdown and consumers not willing to pay up for higher gas I believe crude will head lower and the "experts" will start to talk about demand destruction. Further everyone is a bull so we know what happens when the boat is loaded all to one side. Even if there is a shooting war with Iran I would say it would be a quick spike with a crash shortly thereafter. I would short into the spike for sure-just like the Iraq-Kuwait invasion in the early '90s.; March 28, 2007 at 10:17 PM

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