7/5/2005

A decent day in the market today after a long holiday. On Friday, shorted tso and vlo the 2 oil refineries because I thought these stock ran up due to the holiday driving and it will come back down on Monday. Was right until the tropical storm started to form on Sunday, man did I dread the open on Monday. Took a -6/share on vlo, it basically wiped out 30% off my gains when I went long in June. This was not a way to start a new month and quarter. Well I continue to be confident that I can get out off this hole by the end of the month because I've been in the red before and came back. As for today, just watched the market forget about the high oil prices and the rally is back on after walmart's great sale in June. Not ready to jump back in the wagon and buy yet because it was just one great month. Still believe the consumers are hurting with oil avg. at around $2.20/gallon. Want to short the retailers like anf and bebe, it has to hurt their sales with the high oil price. Where are these teenagers and college student getting their money to shop if majority of their dollar goes to gasoline, beer, and party in that order. Well this week should be slow, until Friday's job number. Might go long on the oils since it seems the trend continues to move up and with so many storms this early in the summer.

Trades: cover vlo
Current unrealized g/l:
cof +0.65/share
tso -1.50/share
wtw -0.04/share
ovti -0.90/share