I’ve been combing through The PPT for hours now, looking for historically low ranks, in order to fish out stocks that are oversold. Much to my amazement, there are very few names to pick from. Being in a world of my own, isolated from the extreme events taking place outside my sphere of influence, I am shocked to see the type of broad-based carnage in the markets. Absolutely SHOCKED, mind you.
Although I am well aware of my capital set-backs, I never take them too serious, since I always seem to find a way to win— and do so with style.
So you know, The PPT has not flagged extreme oversold conditions yet. Looking deep inside of its underbelly, it’s whispering to me that there can be one or two more “fuck you, you’re dead” days, before we bounce large.
Thus far, after combing through all large cap names in the universe, I have identified two stocks that closed with historically low hybrid scores:
ArcelorMittal (ADR) [[MT]] and Portugal Telecom, SGPS (ADR) [[PT]]
Many other names are close to historically low scores, but no cigar.
I think the price action in ArcelorMittal (ADR) [[MT]] and Portugal Telecom, SGPS (ADR) [[PT]] accurately represents the type of tape we are in now.
Ouch.
NOTE: BEAS completed his final post of the month, as KOPG. He did so with flair and in video.
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fag
Keuring bringeth vengence, but crazy hari kari action in SQM, like 10% intraday swings.
longterm I would prefer to hold PKX over MTL …
Me too. I am just pointing out a few names that are at historically low scores.
That’s MT not MTL …..
so many folks saying “stand aside, son, let the selling finish.” my initial inclination is to buy something soon since this level of negativity is usually rewarded with a quick knife to the short selling heart.
but the ppt is something different that tends to correctly say “buy” when the cacophony of naysayers is loudest. i will stand aside until the ppt tells me to buy. i sure as shit have enough risk on at the moment that a few days masturbating won’t kill me.
Fly – BOOM has hit its all-time low oversold ranking on the 26th, its 3rd lowest yesterday, and 5th lowest today. Would you agree that this is oversold?
1 2010-01-26 2531 17.40 1.23 3.10 2.03 (Sell)
2 2009-12-17 2360 19.41 1.22 3.10 2.03 (Sell)
3 2010-01-27 2647 17.49 1.28 3.10 2.06 (Sell)
4 2009-11-27 1961 18.99 1.28 3.10 2.06 (Sell)
5 2010-01-28 2574 17.06 1.29 3.10 2.07 (Sell)
I hope you don’t mind me cutting and pasting this PPT-exclusive data here.
It’s okay Boom.
BOOM qualifies as a potential bounce play for sure.
Would you perform my eye replacement surgery once it does?
Fly: Pretend you are Neo rescuing Morpheus, standing on the top of the elevator in the elevator shaft. Just say “I believe”, kiss your ladyfriend, shoot the elevator wires, and ride them higher. All big banks and hedgies united to protest Obongo, and SPX 1080 is the best they can do…. Oh please. They are a yawn-fest.
“Obongo?”
Oh, that’s rich as sweet cream.
_________
Timmy K is getting all cocky again. Means the market’s about to snap back and rip his fucking head off.
Update: I just bought puts in smugness. Good risk/reward here.
Sir Fly,
I believe the only stock in my entire US stock universe that looks worthy of buying right now is your very own COCO. The stock had a nice break higher 2 days ago on decent volume and had a nice pull back today to test its prior $14 resistance line, acting well into the close. I bot a few thousand shares at 13.97 with a stop at 13.58. I’m looking for a move up to the 200-day (15.50-ish) for a trade. You’re right on the education stocks. The fundamentals are absolutely rock solid and these stocks are trading at absurd valuations.
As for the general market, my gut feeling is that we have another 5 or 6% left to go (as ridiculous as that may seem given oversold conditions), for a final wash, before the market snaps back to the upside. But that’s just how I’m playing it.
Well, we will most likely see some sort of knee-jerk rally. But then we will have the hangover induced by the same old same old issues of evaporating earnings, dismal future guidance, rising unemployment, continued falls in house prices and an increasing foreclosure rate. The cold hard truth sucks.
Looks like Obama is going to move the terrorist trials out of NYC.
Is this a head fake? Or is he really moving right towards the center?
http://www.nydailynews.com/news/ny_crime/2010/01/28/2010-01-28_white_house_orders_justice_department_to_look_for_other_places_to_hold_911_terro.html
Damon,
That is not a move to the center. He is still treating that scum as though they were U.S. citizens who broke some law. He is just acquiescing to Bloomberg’s request to move it out of NYC. I will admit the garbage left at GITMO is one problem Obama actually did inherit from Bush. When caught they should have been quickly interrogated and then tried and executed.
There’s that spark Fly was waiting for. GDP 5.7%