Wednesday, May 21, 2008

Crude keeps running

Crude oil pushed past $132 per barrel today, so we are now in uncharted territory. I'm glad I have so much exposure to the oil drillers, although some of them are underperforming today after the recent extended rally. Also underperforming so far today is Mass Megawatts Wind Power (1.6% of portfolio), so perhaps the short term momentum has worn off. Since it quadrupled in just a few weeks, a pullback was overdue. It will be interesting to see if it deteriorates into the market close, or if momentum buyers will try to salvage the recent rally.

In other news, some of my techs are outperforming for a change, with Finisar (common 6.6% of portfolio, calls 2.6%) up nicely on strong volume. Alvarion (common 3.5% of portfolio, calls 5.3%) is also up a few percent on news of a 3.3GHz WiMAX network in the U.K., but continued dollar weakness against the Israeli shekel will likely cap any upside there for a while.