Down 5.1% on my Quest to Invest to a Million (versus target of being up 4%)

Midweek through week 2,  I had hoped to be up 4% on my quest to make a million dollars in 187 trades, but I`m down 5.1%. 9.1% off target, but still in the game. All you need is a chip and a chair.

I think Chevron`s (NYSE: CVX) reached the TSN turning point. The overall trend for the stock is up. For the past couple of days it`s moved downward, but based on the gravestone doji it posted today (and arguably yesterday), it looks like the share price is about to make like the Dixie Chicks and get ``ready, ready, ready, ready to run``
http://stockcharts.com/h-sc/ui?s=cvx 

All 7 of the Integrated Oil companies (BP, RDS, CVX, PTR, TOT, XOM, $DJUSOL) posted gains today, ranging from 0.19% to 3.02%. http://stockcharts.com/scripts/php/candleglance.php?BP,RDS.B,CVX,PTR,TOT,XOM,$DJUSOL

The Fed announcement ended up being a non-event. The headline amount for bond purchases ended up being $600 billion till the end of Q2 2011, more or less in line with market consensus, a bit higher than the $500 billion that had been speculated upon, but slightly lower than the $100 billion/month figure that had been circulating in the market. 

The Dow, gold, USD, and oil ended up with fairly subdued price action considering the pre-announcement expectations.The stimulative effects of this move are already factored into current price levels so tomorrow the market opens in our view, with a (now what) attitude. We want to trade counter-trend to the latest "one-way bets" which are long oil, long gold, and short the USD.

Hang with short GLD trade, which was looking good early in the session, then the market rallied to only post modest loss for the day. Maintain tight stop above $134. 

We'll add another short to the latest recommendations as we feel oil is overbought and due for a significant slump. Buy the December $85/bbl put for $2/bbl, looking for a $10/bbl decline over the next two weeks. This is a very tight trade, with less than two weeks to expiry. We'll need some downside movement prior to the end of Friday's session, or the option will experience significant time decay.

Stay tuned for our $USD recommendation tomorrow!