Saturday, August 23, 2008

Saturday chart work

Personal products group showed up again this week. On the long side, I see a couple of nice gap-ups and pennants in AVP and EL.

As a potential short, ENR making a second test of that gap near 85 level.

Builders rallid hard. If you look at it on a closing basis and squint a little, LEN has every positive divergence in the world with that first test of 10.

The week before Labor Day is usually quiet. It's going to be easy to get whipsawed.

Unless there's an announcement on Sunday about a Fannie/Freddie plan, that'll probably weigh on the open.

As tough and vicious a market as I've seen in, well, forever. It's made a believer out of me that you have to take even tiny profits when they're available.

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