Wednesday, December 17, 2008

Just Some Random Thoughts Tonight

My watchlists are quite small tonight on both sides of the market, so instead of doing a video, I figured I would just share some observations.
  • Your guess is still probably as good as mine in terms of the overall market for tomorrow. I didn't gain any clues from the index charts. Pay attention to the levels I wrote earlier.
  • One interesting fact - we had twice as many 4% or higher moves today to the upside than downside(457 to 218). That is bullish for a down day.
  • XLF is right at a downtrend line and has its 50 day moving average right above that. It will probably be tough for it to bust through both immediately, but if it happens, it could definitely run.
  • Solars were big movers today and the gains came on heavier volume. These things can move IF the market decides to break out, so keep them on your radar (CSUN, SPWRB, SOL, SOLF, JASO are my favorite charts)
  • Some of the longs from last night's video are still valid but the ones I am focusing on as of now are AIPC (almost there in terms of pullback), CSKI, and XCO. That's all I am really interested in right now for more than a day or so.
  • Some stocks I am watching as they run up into some resistance include NDAQ, MET, EDU, CPKI, CYBS, NTES, QLGC, NTCT, and SBUX. Market has to obviously break down for these to work as shorts.
Good luck Thursday. No meetings tomorrow so maybe I'll be able to follow things a little better and get a clue as to where we are headed. Take care.

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