Tuesday, March 11, 2008

Charts to Watch

Frankly, there aren't many. This is my long watchlist right now:

BRKR, OME, AXYS, FCN, NEU, ATLS, DROOY, CEL, ABFS, XEC, BCO, COG, SGY, CHK, VISN, GGB, GG, WMS, KOP, HIMX, RRC, PTEC, AUY

Many of these stocks are commodity-related, with most being from the oil sector. If these stocks rest for a week or so longer, they might be nice buys. As they are now, most are still extended, as is crude itself. Buying here would take more guts than I have. Perhaps some of these stocks continue to setup over the next week, we get a nice follow-through day, and everything is great. As it is now, it looks like I will be sitting things out for the rest of this week and probably not do anything until after the Fed decision and its aftermath becomes clear. Going long here might be OK, but I try to learn from my mistakes and I made several in February by trying to catch every little market move, and by taking shots here, I would be doing just that - trying to catch every little market move. I don't feel like losing anymore of the money I have made so far this year, so I am out.

To quote Bear Mountain Bull from today:

"But have you noticed that all of the big bounces lately have been either news-driven, or Fed-induced? This market simply hasn’t been able to get anywhere on its own - it needs more and more ‘help’ all the time."

I completely agree, and have been pointing this same thing out. As hard as it is after a day like today, I am going to be a stubborn bear here and continue to search for shorts - names like MON, DE, AG, and TRA look like the type of stocks I want to load up on if this bounce fails. I won't be loading up right now, but will be looking for the right moment to do so. The market has the chance over the next week to change my mind. I invite it to please do so.

Be careful right now and don't try to be a hero. Good luck.

Tags: , , ,

No comments: