Like any good trader, today is the start of my vacation so I probably won’t be posting again until Tuesday.
The market is kind of wacky around a holiday anyway so it’s a good time to stay out.
The only play I’ll be watching on the way to the airport is oil.
If there is any kind of draw in oil or distillates it will be a surprise and could really goose the industry. The same oil list as yesterday would apply with the Valero Rule being in full effect (VLO was up $3.30 yesterday).
XOM and COP are dragging their heels, they are just not buying into this “oil fad” but, if the price of oil goes up, Valero goes up and the inventory draws down (dollar is declining a bit which will keep oil from dropping much no matter what) then XOM and COP will play catch-up with a big move.
Think of gold as an international game of poker with the rich Arabs just sitting down at the table. They did a little buy-in yesterday and now we will give them a chance to win buy giving away some cheap holiday gold. Then we run gold up to a new record, let them get all excited about how easy this game is and, once they are all in, we drop the price and take their cash.
Don’t be too greedy as this is a game for big boys but it will be a lot of fun to watch the action. Perhaps we can figure out how to televise it with celebrity palyers and call it Celebrity Futures Showdown or something.
Have a very happy Thanksgiving,