General Thoughts for today:
Last week winners this weak shorts.- driven by oversold rally and a positive translation of CPI/PPI.
Two-three day rally from last week now offers attractive trading shorts as stocks hit key resistance levels.
More apparent in tech and retail.
Technology: QLGC, LRCX, WDC.- In Retail you have tgt, bby, etc.
In financials: Certainly the XBD
Aug 4 highs for the xbd as well. 219 level a very key res levelCan short all the way to 50 day ma of 208. A sideway mkt can make the short rather neutral but momentum still decling from overbought level.
Overall, would love to pile the shorts aggressively across the board but not that clearly defined yet. SPX: 1292- some gauge of support in the near-term.
Wednesday, August 23, 2006
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