Markets went through a complete ROUT of WEAK & UNSURE investors & traders this AM..by opening UP & turning lower in a hurry.
Markets also gave "major BOOST to shorts...who got SUCKED in big time this AM"
So NOW markets will plod along nicely to the "upside"....after hurting both LONG & SHORT....this is how market creates a SOLID BOTTOM......
Today's LOW has a very good chance of HOLDING......
Shanghai gave their response to "sub-prime"...by going to all-time HIGHS 3 days in a ROW....
Feds will "soothe the markets by adding one line to their statement saying ...they are watching closely sub-prime linkage to economy....and will react immediately to rectify any harm"....
In my portfolio SNDK is the strongest one today...staying GREEN.....
RIMM is GREEN now after being down $5......
SNDA slightly lower...
UXG behaving better than market....
STP is on the weak side...breached 50DMA ...but its fighting its way back....normal market & earnings JITTER.....
Some stocks are bucking the trends and they are @ 12.03 PM :
AMAT,JNPR,GOOG,WYNN,LVS,LRCX,EBAY,HPQ,AKAM.
Good luck on rest of the PM markets.....it sure is challenging .....
BLOG does not give buy or sell.
Saleem
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