Wednesday, April 8, 2009

State of the Market - 4/8/09

Sorry about the late post - out all day with family matters and just returned home about an hour ago. As for the market, all I can say is that it continues to hold tough. I said yesterday that holding the closing levels from Tuesday would be extremely important, and although we dipped briefly below them today, the bulls did what they had to do - defend this area. I don't want to put too much stock into any of the action right now due to the light holiday volume, but from what I see, this looks as of now like just a perfectly healthy pullback in an uptrend. If the current levels break, then all bets are off, but I am looking at a few possible longs and although getting long in a holiday-shortened week scares me, I will be watching carefully tomorrow.

Longs I am watching right now include ALV, EJ, STP, SOLR, CTRN, RIMM (only with a little more rest), RGR, BAC, and YGE.

Good luck Thursday. Take care.

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