I am hoping that GE, BAC, and WFC can lead us to the green. It is rather interesting to see the market completely shrug off the Merck bid for Schering Plough...
As for my positions, I have initiated a new position in PCR, averaging in around $10.60. I like the construction services sector for a trade and fellow peers like FWLT and SGR are performing well. In addition, I bulked up my FAS position to 1,600 shares, averaging in around $2.52. I am hoping to make some loot on the short covering in the financials. I also covered my SKF short, to allocate more capital away from the financials.
The market looks pretty pathetic but I am still a believer in the rally. I have a huge watchlist but my biggest position remains cash. I rather not short at these levels because the market is very oversold and I am a bear market rally believer; however, if you are bearish and believe the s&p is going to 650 or even 600, SDS is a fair way to play it.
Technical Breakouts: NFLX and FDO
These names have had a huge run; however, both have high short interest. NFLX has a 27.9% short interest and FDO has a 8.8% short interest, so the run could continue. These two names are worth a look, especially with these bullish charts!
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As long as we can keep President Barack "Rally Killer" Obama and Timmy "NOT Boy Wonder" Geithner off the microphone for a few days we might see something.
ReplyDeleteTiny Tim - Cramer and Kudlow are big fans of his! haha
ReplyDeletelolll
ReplyDeletelets hope for another 3:30 rally