Tuesday, September 21, 2010

Evening Thoughts

The market today didnt really end up doing much. Was a quiet day, with the fed announcement of no change in interest rates. Transportations stocks held up real well, and leading stocks performed admirably.

Just a few new recommendations, and a few reminders. WYNN had a negative reversal today. Lets try and short some @94 and cover @96. XEC could now be looked at as a negative head and shoulders pattern after repeatedly stopped at its 50 day MA. Lets try and short some @69.50 and cover @71. RBCN SNDK both lost their 200 day MA on big volume today. An ominous sign. Lets short some as they challenge that line. Thats RBCN @23.50 and SNDK @37.
PBR is in a sloppy downtrend now. A short candidate for sure. Short PBR @36.

On the long side TEN buy stop @29.84 (cup base), ALK buy stop @50, AMGN buy stop @56.25 as it tries to reclaim its 200 day MA. APA buy stop @ 98.25, and CRZO can be bought @22 (200 day MA), CPX @20 back to its buy point.

Good luck and be patient.

Author owns FCX, AMT, AKAM, AN, EXXI, WLL. Short AVGO JKS

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