Monday, August 10, 2009

Some Quick Thoughts From the Beach...

Hi, traders. Vacations are always nice, and although the drive was not fun (I-95 from D.C. to Richmond has to be the worse stretch of highway in the entire U.S.) we are enjoying the beach and the relaxation. I checked in on the market a bit today and actually made a small buy around lunchtime - CHDX at $15.59 - but that's about it.

Overall, the markets look to be pulling back here (not withstanding the pop Friday) and that's not a bad thing. This pullback has coincided with a bounce in the U.S. dollar. The dollar is fast approaching its 50 day moving average so a pullback there would not surprising, and that would likely be good for the overall market. I will be watching a possible move in USO (crude oil) over $38.44 as it is consolidating fairly well. The S&P and Nasdaq continue to hold above their 9 day moving averages and that would be a good sign if that continues - a break of that MA might lead to further pullback. Kind of neutral overall and wouldn't be surprised to see more chop - therefore I probably won't be doing a whole lot although if I see a good setup on either side of the market I will take it.

Long watchist - JDAS, CISG, HITK, VCI, SSRX, WMAR, AFFX, JAZZ, ISLN, MNI, PCAP, HMA, BCRX, LOPE, APAC, WTFC, NTE, AAWW, CSIQ, CYD, ELGX, SHOO, UEPS, SOLF, OFG, NFP, BABY, SGEN, CNA, KEX, THC, GT, GPN - a lot of decent looking pullbacks in this list and because of that, I will keep an eye out in case they want to move higher.

Short watchlist - CYOU, N, THQI, BKE, SNDA, RGR, BAMM - just staying ready in case we start selling off on heavy volume - these look quite good as bear flag type setups.

That's about it - I'll check back in sometime later in the week. Take care and good luck.

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