This has to be one of the biggest storms I’ve seen:
Joined Jan 27, 2008
7,405 Blog Posts
LM – Legg Mason, Inc.
Fly has been all over this name as of late. Last night Cramer had a piece putting Legg Mason, Inc. [[LM]] on the sell block. In this segment Cramer explained how Bill Miller bought the mortgage crisis, and bought it all the way to the ground– something Fly has been telling us the whole time.
The stock is sitting right above it’s 50 MA @ 40.01, that level will fail.
With everything going on at the moment I would not be surprised to see this stock get shot today. I will be buying puts at the open.
Top pick: Short Legg Mason, Inc. [[LM]]
Bullish Engulfing Pattern
“A chart pattern that forms when a small black candlestick is followed by a large white candlestick that completely eclipses or “engulfs” the previous day’s candlestick. The shadows or tails of the small candlestick are short, which enables the body of the large candlestick to cover the entire candlestick from the previous day.
As implied in its name, this trend suggests that the bulls have taken control of a security’s price movement from the bears. This type of pattern usually accompanies a declining trend in a security, suggesting that a low or end to a security’s decline has occurred. However, as usual in candlestick analysis, the trader must take the preceding and following days’ prices into account before making any decisions regarding the security.”
Now that you are familiar with this pattern take a look at the NASDAQ Technical Picture
Comments »HEES: H&E Equipment Services, Inc.
I highlighted this stock last week, but it failed to breakout. Taking another look at it today, the stock is right back at resistance and looks better than before.
Headquartered in Baton Rouge, the company rents earth moving equipment all along the gulf coast. After Katrina, the company put up huge numbers quarter after quarter with shares hitting an all time @ $42/share.
Given the extent of damage located in southern Louisana, I’d say the company is well on it’s way to another record quarter.
The stock has been killed all year until recently where it is now trading above the 200 & 50 MA. A break above 15.25 with decent volume should give the stock what it needs to get back to $20.
Keep it on your radar.
Full disclosure: I own shares in HEES & my brother works for the company.
Comments »Recovery
Today felt good as I watched some big losses turn around. Earlier in the week I bought a nice chunk of GOOG and watched it turn positive today, I bought more around the 410 mark averaging my basis to around 417.
I recovered some ground in Apple Inc. [[AAPL]] as it took off into the close, but still down on the position.
I bought some National-Oilwell Varco, Inc. [[NOV]] early in the day, but nothing in size. I also took home some Freeport-McMoRan Copper & Gold Inc. [[FCX]] off of Fly’s buy today. I even got into Clean Energy Fuels Corp. [[CLNE]] on this mornings dip– I am tired of watching the stock run without me so I dropped some in the IRA.
As for my man size Valero Energy Corporation [[VLO]] position, I was stopped out the other day for a gigantic loss, sucks, but I still own a little Tesoro Corporation [[TSO]] .
Today was a recovery day in more ways than one. On this very day several years ago many good Americans lost their lives. My heart goes out to everyone who has lost someone special in their life. I too have experienced that pain.
A good man told me last night,
“God has a design for all of us, as inhumane as it may seem. Let his death strengthen your life, in his honor.”
Those words will never be forgotten.
Play the following clip as loud a your PC will allow. “We Will Never Forget”
[youtube:http://www.youtube.com/watch?v=VX9cM-Ovm3s 450 300] Comments »Review @ 11,300
Last week I posted the chart below. In the post I noted to watch 11,300 as a support level. Well, you know the story, support was not held and we fell lower.
We are now approching that same level only this time it will act as resistance. Can we bust through and hold that level?
