Wednesday, August 25, 2010

Mid Day Thoughts

Market now must be looked at negatively after yesterdays late day selloff. Classic bear market action. A bounce can happen til end of the week but that should be looked at as a shorting opportunity. However lets try to find some strength that might hold up in the short term for a trade. Look for RBCN to sniff out its 200 day at find support near 23.50. AMT has held its 50 day. I think some decent risk reward plays are buying RIG and putting stop in at yesterdays 49.74 low and HAS can be bought against its 40.15 low today. ROVI held its 50 day today and can be played against its 41.00 low today. ISLN and IT holding up well today. INTU near 41.50 looks buyable. EXPD VMED VRSN are holding their 50 day.

Stocks that can be shorted as they move back to their 200MA include BRCM SBUX NETL VLTR CAVM CAKE

Good luck.

The author holds positions in FCX, AVGO, AMT, AKAM

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