The Big Ugly Close
Todays big ugly close left the DJIA teetering right over its 200 day MA. If were going to have a bounce its going to have to happen soon. Otherwise, if we pierce the 200 day MA, we may have to actually kiss the primary uptrend goodbye. Still, despite today's strong dose of pessimissm, there were several stocks and industry groups that did rather well. Medical Product makers and Fertilizer stocks were able to do quite well. Some notable stocks in these groups include: II, and CF, MOS, POT
posted by Nick M. @ 5:02 PM
5 Comments:
Market has become crazy ! I think it will sink even 2morrow. rebound is certain ... not sure soon or late. (for ex: no reason why YHOO stock should plummet as it is doing rite now)
Yup. You are right. cover losses ! short LEH, BSC FNM.
over all it was a roller coster day,.
I hear you, Raj. There will be plenty of stocks to short if the current action continues. The financials will continue to show weakness and may still have more downside. There are other financials like BEN, DB, and ING that are begining to show weakness. These have just recently became short targets and may contain more potential than financial stocks that have been falling for a while. Then again who knows where the bottom is even on stocks like BSC.
Theres gotta be some good stocks out there..
I think SYNM is one hidden gem (company's financials are in sink hole but they have very promising technology.... looks like it hit its bottom. )
Raj,
Sure there are a few longs out there, but they will inevitably have a high failure rate. The market action during the last few weeks indicates that a bear market or heavy correction may be taking place. I may be wrong about this, but this is what the charts are telling me.
I have to warn you about SYNM. This stock has not bottomed out and their technology (and the rest of their fundamentals), are shaky at best. Best to avoid SYNM for now. I would only trade it if it truly put in a bottom.
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