Monday, July 7, 2008

S&P 500 touched new 52 wk low of 1240.68????

S&P 500 sliced through 52 wk low AGAIN & barely closed above previous low by 30 tick....

Financials were deep red again.......

Looks like another RETEST of LOW is in order.......

Markets are getting very close to finding a bottom.....

Some stocks & sectors are getting deeply oversold.....

There IS a worldwide "bear market" ........

Tight range rebound will be in order...but fade will set in AGAIN........

In my portfolio:

AAPL rating 65/40 target $187.76

SOL rating 90/100 target $17.52

Oil were weak

Ag were fading

Natural Gas were weak

Solar were on rebound

Strong stocks were AAPL,BRCM,DUG,CTRP,IBN,GSI,RIMM,QLD,
SAY,FSLR,CSIQ,TSL,SOLF,ISRG,GOOG,BIDU,X,NCTY,WFR,ACH.

BLOG does NOT give buy or sell.

Saleem

4 comments:

standardshigh said...

Hi Saleem,

Fade, Fade, Fade, a huge spike in volume at the finish on a down note. No good news being reported anywhere on anything. You would think someone is doing well in business. Joined Lifetime Fitness today. The place was jambed with people exercising. Lots of expendable cash being spent. Traffic is getting annoying again! Gas $4.05. Milk $3.58 -6.75 Gal. ATL

Stocks100 said...

Hi Standards,

Bear market bottom is very painful...always "stuck in the mud...spinning wheels"

It is a good time to do focussed trading with limited exposure.

This IS going to be a drawn out range bound FADE based trading till Jan 2009.....

Why 2009???

New President ..new state of the union address... then final low in markets..I hope !!!

SOON..Oil will be CHEAPER than Milk !!!

Saleem

madmax said...

T Boone Pickens was on TV again

Wind power is his beef---He says oil going higher and no end in sight.
Loves his $700 billion bet on wind power! Sionce it is his money I guess he has to sell it on TV. The beet goes on
Standard
In DC I can see no abatement in cars on the road.--Still have lots of gas guzzlers. Ouch There are so many luxery cars all over suv's etc. I hear lots of complaints about the price of oil but no one is doing anything

Stocks100 said...

Hi Madmax,

T.Boone has a vested interest in HIGH price of oil.....

Wind is way-behind Solar in acceptance.

Gas price is going to get cheaper than milk very soon!!!

Saleem