{+++}I will do a video update on the current portfolio and existing names around 8AM est. tomorrow before the open. Please note some minor changes in our stops.
– Equity indices regained bullish momentum this week, building up a head of steam in tandem with higher crude and much higher gold as traders bet on economic recovery and the return of inflation. The leading US equity indices pushed out to year-to-date highs on Friday morning in a week highlighted by commemorations of the 9/11 attacks and the anniversary of the US financial system meltdown. In testimony before the TARP Oversight Panel, Treasury Secretary Geithner called the banks stronger than on the eve of the collapse a year ago and stated the government would begin winding down its rescue programs. Investors took heart from the Beige Book report on Wednesday, which indicated that all but one of the Fed’s 12 regions were seeing economic activity that is “stable,” showing “signs of stabilization” or “firming.” For the week, the DJIA rose 1.7%, the S&P 500 climbed 2.6% and the NASDAQ Comp added 3.1%.
The market is in a wierd place right now, we either rollover on the slightest bit of bad news or continue higher, maybe the retail numbers this week will give us a clue. The finacials are forming a bear flag on te daily chart and look heavy, I am watching that sector very closely, based on that I am suggesting an anticipatory trade in FAZ just in case, if we stop out we will then know the financials made new highs.
I will be trading our longs aggressively next week and taking profits if able.
Watchlist for Sept. 15 ( *** means new name)
LONGS THAT HAVEN’T TRIGGERED YET:
SVA-BUY THE BREAKOUT AROUND 10.50 STOP 9 ****
RMBS-buy back over 18.48 (acting well again since the sell off) ****
RIG- buy over 82.81 STOP 81.50 **** (WEAK DOLLAR PLAY)
BTU – BUY OVER 37.24 STOP 36 ( WEAK DOLLAR PLAY)
EDAP- BUY BREAKOUT 4.92 STOP 4.25 ****
RIMM long over 80.59 **** stop 77.33 (volume’ s been light though)
HMIN-buy at 29.44 stop 28 ( buy the breakout, watch for strong volume)
ENER- BUY AT 13.50-13.60 STOP 12.70 ( green group coming on again)
FAZ- BUY RIGHT HERE WITH A STOP AT 21.50
LONGS (THAT HAVE TRIGGERED):
AGU -50.05 STOP 48.50
UNP 62.50 STOP 61.25 (we sold half +1.50 and raised stop to 61.25)
OREX- long at 8 stop 8.25 (sold half +.80)
MELA- long at 10.50 ( still in bullish pattern) STOP AT 9.25
HLCS- 2.50 stop 2.25 (sold half +.50)
XIDE- $7 stop 6.50 ( we sold half for +1.00)
EXEL- 6 STOP 5.80 ( going in the right direction, but needs volume to really break out)
QSFT- 16.25 stop 16.00 (if it gets through 17 it could run, we are out of half)
CRY at $7.50 stop 7.25 (sold half +.80)
SHORTS THAT TRIGGERED
PENN – 27.83 ( we covered half for a buck+) stop 28.50
SHORTS THAT HAVEN’T TRIGGERED YET ****
ICE-UNDER 85.08 **** STOP 87.50