I sold off a few losers this morning and will look to free up some more cash on further strength. I think the market can bounce here after touching the 200 day, but also think the potential upside is now limited.
Looking at the chart below, we may kiss the trendline we broke on Monday around 930, and the churn around creating a right shoulder, pointed out by CA last night. I think this is a likely scenario and will be using strength to dump a few more long positions.
Well it’s the second day in a row we end negative on the day and I’m still strapped with long positions. I’ve taken a few hits the last two days, but it’s really nothing in comparison to the capital gains I’ve accumulated the past few months.
Today looked terrible for the bulls, but behind the scenes I saw some strength in a few key areas. I’m not throwing in the towel yet, and I actually used today to add to another one of my positions, [[HBAN]].
Look, this is not the same market we had at the end of last year, we actually have a few leaders now. Armageddon is off the table, for the most part, and I’m holding my ground here. It is option expiration week, so trickery is to be expected.
Comments »[[GOOG]] near support:
It was a minor win for the bulls as a few support levels were held, but we still have significat breakdowns accross the board. Going through a few scans, I noticed a bunch of stocks breaking through their 50 day MAs, I would not be surprised to see weakness throughout the remainder of the week.
With all that said, what did I do today? I bought the dip.
I added to my GOOG @ 415
Bought XOMA @ 0.95
Bought URRE again @ 1.46
See you guys tonight with a few setup ideas.
Comments »I think it make sense to look for a few longs here with the S&P pulling back to the 20 day moving average. If this level fails to hold, I think it’s a dunk shot back down to 900, so be cautious.
On this long side, I like [[CTIC]] & [[HBAN]]. [[FITB]] also looks ok if the market can turn around. I’m more interested in getting long here rather than short. The easy money was made if you went short over the weekend, but I refuse to believe the dip buyer will simply give up here.
When the market is down I like scan through stocks that are bucking the trend, here they are:
Get to work.
Comments »Watch the Transports & The Financials for your tell on the market.
[[WFC]] Watch for a trendline break
