8/12/2010 premarket | Bulls on Wall Street

8/12/2010 premarket

 
 
As ryno had mentioned last night futures would be gapping down. Ther are! a bit less than 1% across the board.  Oil getting smacked hard.  We are in the middle of the range for oil. Over the past year or so. Oil at teh 70 dollar range has been a great trade as it tends to drift back to the 80s when the market rebounds.  Keep an eye on that. We are about 6 dollars away.
 
A big gap down will give us some decent trade opportunities for a snapback play.
 
Remember we are in bear market trading still. Position sizes should be 1/2 the size.  All profits should be taken. Capital preservation is key.  dont let 10% gains turn to 0 and 5% gains go to negative. Stick and move take all profits. Volatility is sure to be rising soon as summer wears off and the big boys come home from the hamptons.
 
keep an eye on the Gold stocks from yesterdays watchlist. The are getting ready to move as gold is making a nice break over resistance.
 
 
 
 NSU over 4.20 GBG is getting ready maybe 1.86 level.  GRS also looks good for a swing. The others are still playable also.

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