Monday, August 17, 2009

What Now??

Well, reviewing the closing charts on many stocks, it sure looks like the easiest way to make money today was to come into today with open short positions. Because once the indexes gapped down, they pretty much chopped sideways all day. Today's move, not just on the indexes but on many stocks i follow has created big gaping holes in the charts and has caused a lot of damage. These will be hard obstacles to overcome for the bulls. I think short term the bears are in control here and we still have room to drop some more. I am very excited about this as i believe we will see a solid buying opportunity in time but for now, my focus will be on shorts and bounce plays. I have some key stocks that i will be watching tomorrow for potential bounce plays and i deem these as high likely likelihood for bounce ONLY if we open lower in these names: LINTA, GMCR, EJ. These stocks, i am hoping they open lower tomorrow morning.
I do not believe that the bull run is over but i am hoping many people believe it is!!


Adam Hoek said...

I'm thinking of a pullback in the S&P somewhere in the 950-970 range, see my charts for more info.. let me know what you think.

Stewie said...

interesting looking charts and nice looking blog too. thanks adam.

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