Saturday, February 7, 2009

Didn't get hit on anything

I missed on everything I bid on last week. Still liking some transports.

China hit a trailing stop, sold the last 150 of the FXP last week around 44. China is running hard, as is the Baltic Dry index, a lot of the materials companies.

Half the SRS went at 64 in that big-spiky day on Thursday. Bottom fell out of that, I'm down on the other 200 now.

My inclination, and I guess everyone else's, is that TARP 2.0 on Monday at noon will be a sell-the-news event. Maybe worth it to add some long exposure just to be contrary.

My look at the S&P, we're either:

a) At the top of a trading range
b) At resistance that measures to the 940s on a breakout.

We're a little bit overbought, not too badly, though. That's multiple defenses of the Dow 7900/S&P 800 level, with divergences. I would be inclined to add long exposure here.

Haven't had time to look at too many charts this weekend. Went over the golds pretty carefully for something buyable. Many of them look like something you'd hold if you already owned, but I was looking for ripe charts.

One microcap that I've traded successfully a few times in the past looks pretty ripe here: GBG. If it breaks above that triple-top at 1.50-ish, it could have a full buck to run.

Barrick (ABX) has important resistance at 40.

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