As implied by my previous post, I was looking for a market pullback this week.
Okay, ok, I know I'm not supposed to anticipate, nor predict where the market is headed, but if this is the extent of the market pullback, then I think we could see a serious rally to the end of the year.
Just some thoughts on my watchlist from the weekend:
TGT - market proved me wrong, looks like a long candidate instead of a short now.
AVCT - peeked its head above 37 this morning, but that was just to take out the buystops. Now we wait for the volume to come and a second attempt at breaking above 37.
NVEC - never had a chance to buy below 41, broke above 44 in a big way. Not sure I would play this right now, but will be waiting for the next pullback.
STEM - Hmmm..... if STEM went up because of Rush Limbaugh then it might not be so bad (for me) to see him shoot off his mouth again.
Gold stocks - quietly inching its way up - did anyone else notice the bullish action in the charts today ?
I also made a trade on BIDU options (BDQLS == Dec 95 calls). It was a very small position, because of my wide stop, plus I'm familiar with BIDU's wild swings in the past, plus I am already heavy into STEM. Anyways, here's how it unfolded this morning.
BIDU reports on Nov1/06 BMO. I think they will beat estimates, but old lessons from holding thru earnings are still etched into my psyche. Maybe I will look for tomorrow's HoD to close my options play.
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Monday, October 30, 2006
What market pullback?
Posted by Phileo at 8:57 AM PermaLink This!
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