Thursday, July 24, 2008

Better Look Over Your Shoulder...............

because their gaining on us. Those V patterns rarely fail I have to say. What goes up fast has a tendency to come down fast. The usual suspects worked again today, XME,CLF,UYG all showed weakness. They really picked on the financials though. I posted IBM today and it showed phenomenal relative strength all day. Keep it on your radar for when the market starts to rally again. There could be a $150 number on the horizon for that one. WYNN and LVS had a combined $15 point giveback today, that thought was posted this morning as one to watch. I covered the last portion of WM this morning and it was another phenomenal day in my pit.

I will be watching for some long trades if we open lower, I think the XME'S of the world are overdone on the downside and could be ready for some short term rallies. Their charts are horribly broken, and I think they go lower, but they could be good for a bounce.


About Me

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I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.