If you want to go out and buy a bunch of stocks tomorrow, go ahead. I don't think it is smart though. I have one or two that I am watching and may try taking small positions in, but these stocks are either low-priced (under $5), fundamentally poor, or both. My gut is that today will not amount to much of anything. There just aren't the charts out there that we need to go higher. There is absolutely no leadership. None. Perhaps after a few weeks those IBD-quality charts will start showing up and from there we will move higher. Right now, however, I just don't see them. If I did, I would post them. If they start showing up, I will post them.
Here is my current watchlist - you can check them out and see if any of them excite you. Just because they are on this list doesn't mean I am looking to buy them:
QCOR, UFI, THFF, ACET, NCIT, ALO, CLNE, LRN, STSI, MER, RMG, ABMD, NPSP, HA, CREE, MED, and RCRC.
I am keeping a close eye on gold. DGP, GG, RGLD, and AEM are charts I am watching because I think they are at key levels here. I was waiting for a pullback and that looks like what has happened. I still don't see any way this bailout is beneficial to the U.S. dollar.
All Charts from Telechart2007, Courtesy of Worden Brothers, Inc.
All in all, I have a bad feeling we are headed for more chop and more difficult trading. I would be looking to get short in a few days if the market rallies a little higher, but that has been pretty much outlawed by our government, so I don't feel comfortable so anymore. A better time will come at some point - who knows, maybe this FTD will work after a few more weeks. Being patient is very difficult and quite boring, but you have to know when it is the best strategy, and in my opinion, I still think it is best here. Good luck Friday.