Market Smoked…
Well the good news is, I took a bunch of profits and went long FAZ on Friday. The bad news is, I decided to keep my solar plays one last week, only to receive the homohammer in a few of those names.
We had a bunch of mergers this morning that I thought might bring out the dip buyers, but so far they are missing in action. I’m curious to see if this move lower will continue throughout the day.
We needed this pullback, and I’m still viewing it as healthy for the market. When we get below 800 on the S&P is when I start to worry. Let’s take at the chart:
I’m looking for a pullback down to the 20 day around 830, which happens to be a retest of the recent green trenline break. If that fails, I’m looking for 800, or 791, which happens to be the 50 day. I still see a nice inverse head and shoulders formation in the making, however I’m playing this day by day– anything is bound to happen.
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I will quote a wise fellow: “nothing goes up in a straight line”. From “The Fly” circa 2009
This move lower will continue all week… And next week too!!
Goldie, I think you may be right, but don’t underestimate the lemmings that created this last rally.
JASO sucks goat balls.
I loaded up on FAZ this morning…
huray for me…
that is all.
some afterhours things for you afterhours traderz…
16:20 EDT DV
DeVry initiated with a Hold at Deutsche Bank
Target $50.
16:19 EDT BWLD
Buffalo Wild Wings initiated with an Outperform at Oppenheimer Target $52.
16:19 EDT APOL
Apollo Group initiated with a Buy at Deutsche Bank
Target $80. :
a few minutes before:
15:35
STP Suntech coverage resumed with an Underperform at Credit Suisse
Target $8.50.
JASO
JA Solar coverage resumed with a Neutral at Credit Suisse
Target $3.
The funds have covered their shorts from October onwards. The next downward drive has begun. So short right now. Why wait to make money?
Citigroup out tonight on:
ATI – We are downgrading ATI to Sell after lowering our estimates and target price
to $22.
TIE – With our lowered estimates, we are also downgrading TIE to Hold from Buy
with a revised target of $7.50.
( a little late on this one 🙂 )
Still holding JASO with you, Cajun. I could definitely add here if need be. Any thoughts on adding to a position now or waiting for a lower target?