Bulls got their key technical mark today, but not by much….
Bought IPI @ the close @ $54.01 as a sympathy play for the love/ hate POT of S’….looking for $2.61 b4 open.
My SY looks to have done well for its Q…
http://biz.yahoo.com/bw/080723/20080723006213.html?.v=1
Best of all oil down another $4+ in your fache…..say no thank you to frozen seniors!
by GW
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How bout your UNH..nothing like a 20% 2 day reverse.
The market is out of alignment right now. No?
So many stocks just getting bloodied. The leaders are all the names that were down 70% now they are just down 50%.
1287 Pivot broken but resistance there held … short & near term momentum overbought … due for pullback to 1240 if 1261 doesn’t hold.
mrkcbill,
It is nice to get some $ back. Earnings were not too bad either. What is crazy is that cash flow positive companies are trading with the same evaluation as the financials.
UNH seemed to have strength at $21.50-$22…I’d buy with both hands at that price.
The best part of this debacle is we get to see where quality companies bounce. This gives you guidance on price points to accumalate over time.
Like GE you were only $2’s off the lows so $25ish is a good price to pay. If it went down further I’d back the truck up @ $21-$23….If it broke that then I guess we go to hell in a hand basket.
E’8,
You may be right….I thought a couple of days ago we would have a decent pullback testing the 1240 area…
We have several points of reference @ 1274 S&P before the 1261. Given the sharp upturn perhaps we break 1274 and look at 1261, but with 75% of the companies beating so far, I think the market has a good chance of surprising on the upside.
Just like Tuesday’s trade.