Burn rubbuh

(Art: Jasper Goodall)

12:15 pm (Hawaii). UCO fell off a cliff for several sessions before gapping today with crude oil's rally. On the daily, UCO has traded technically (stochastics) for the past month. Today's MACD is inconclusive, however, and volume was small. At 53, it is mired in a range (47-57) that makes a buy here edgeless. Violence in the Middle East is practically priced into the market. Obama isn't about to make a grand decision while in Rio. Maybe a grand gesture, but the White House has been loathe to assume USA-as-world-police status.

So, the 7.1% move in UCO was great for yesterday's buyers. I'll keep watch from the rafters.

66% of my watch list is in the green afterhours. CRR, another oil-related play, is up 6.5%. ENY, a Canadian oil play, is up 3.7%. VLO +2.3%. Even OIH is up 3.4%. WNR (refiner) is plus 1.5%.

With food prices soaring, Ag is another play. MOS is up 2%.

Metals? FCX bounced 4.2%. NGD is up 3.8%. SLW is +1.7% to 39.09. EXK +1.3% to 8.42. X is +1.6%.

Most of the market gains, however, slipped away in the afternoon. Still a positive day for DJIA (+161, +1.4%), Nasdaq (+19, +0.7%) and S&P 500 (+16, +1.3%). Not convinced just yet, though. If Japan continues to make progress on the Fukushima nuclear reactors, screens will remain green. But it smells like a dead cat, and it is obvious that many traders get out before the closing bell. It's a nibbler's market.

Bombing out today were TVIX (55.97, -7%), which actually rallied off its low of 53.12. LULU (-4.2%), EDZ (-4.1%), VXX (-3.1%), CMG (-2.6%), AMZN (-2.1%), QID (-2%) all bit dust today.

The Globe & Mail: Fukushima 50 risking their lives to try to prevent meltdown (Mar 17 2011)
MarketWatch: UN backs no-fly zone, strikes in Libya (Mar 17 2011)
MarketWatch: Oil futures top $103 after UN vote on Libya (Mar 17 2011)
Rohan Clarke: Less money, more money — QE3 in the headlights (Mar 17 2011)
Charles Rotblut: Bullish sentiment craters (Mar 17 2011)
BBC: Cable reaches Japan nuclear plant (Mar 17 2011)
Majoni* Celebrations: Wearables that contribute and show support (Mar 17 2011)
WSJ: Retailers push Amazon on taxes (Mar 17 2011)
IBD: Lululemon falls as demand outpaces inventory (Mar 17 2011)
WCSI News Talk: Former Shell Oil prez predicts $5 gas in 2012 (Mar 17 2011)
IBD: Yanzhou Coal, Carbo Ceramics up (Mar 17 2011)

(photo: Carbo Ceramics)