Thursday, September 16, 2010

Morning Thoughts

Good morning and lets see how the market reacts to weak FDX earnings today, and jobless claims. Here are my picks for the day. Short JKS @29. Big reversal after huge run up. RIG remains strong and look to buy WLT if it trades above 80. In that space CRZO looks good now that its holding its 200 day MA for 8 days. Can buy it on weakness as long as it holds the 200 day. EXXI can be bought thru 21.45 with a nice cup with handle formation.

Other picks: AN @23 (50 day MA). Buy stops can be put on the following: ALK @49.50, AMGN @56.25, ORLY @51.80 JWN @37.25

Good luck.

The author owns positions in FCX, AMT, NZ, AKAM, STRI, short of BCE, AVGO

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