Buy Buy!
Two days into 2007, and each of them an up day on the Dow. The bulls are still having their fun. Granted, both days combined don't even equal 20 points. But the bulls are still lovestruck.
OK, that probably woke you up. I hate to be punitive, but no one commented on my gallery of Worst Album Covers yesterday, so I wanted to supplement them.......from the pious.....
...to the romantic....
...to the deepest male emotions.....
....to Ken.....by request. I imagine this is simple a blank vinyl disc.
ABT looks attractive as a buy. This market is really overpriced, I think, but this is still a handsome chart.
HAL, on the other hand, is more symbolic of what's happening. Broken trendlines, weakening stocks, all masked by a strong megacap market
I'm starting to lose faith in GOOG (and RIMM) as shorts. Today was a very strong day on both counts. I've marked by stop-loss price on GOOG here.
DST is sort of fascinating in how it shows trendlines "changing coats" from support to resistance. This kind of thing happens all the time.
BLUD, which I've mentioned many times before as a long, continues to be fantastic. Just look at this strength.
BAC, Bank of America, seems a possible attractive short as it seems to be changing direction here.
QID, the double-inverse NASDAQ ETF, is fascinating in the sense that volume is exploding and the price is finally turning around. Hopefully this is the shape of things to come.
OXY is a good representative of the weakening oil stocks.
Whereas the broad OIH continues to falter. I've been bearish on oil for a few weeks now.
HYDL, mentioned here as a short before, is also enjoying a downdraft.
Although I haven't mentioned HP (the symbol, not the company) in a while, this is a gorgeous example of Fibonacci retracements in action. Magical!
Finally, RTI looks like it may have put in a double top.
See you Friday afternoon......it'll probably be a late posting. It might not even happen until the weekend. But I'll get it done!
