Thursday, May 29, 2008

A couple stocks to watch

Ok I dont want to be long a bunch of stuff here as I know many of my readers follow me religiously on the plays. I for one dont want anyone to get crushed here. Next week will be telling. I believe we head down out of the month end run up I explained last weekend.
Some stocks look strong here though Visa is one I think will make new high here soon. MA is on fire and it is only logical for Visa to follow but for me the risk reward is not too great so if you play play with options or light on the size.
Second stock is Google. Yes GOOG, seems like it wants $600 here near term. Now remember GOOG can touch $600 tomorrow or on a good day so I wont be pushing it here, I am just making note of it.
Now for the fun part Oil and Gold. I just finished looking at the charts and yep yep yep folks, Oil can goto 108-110 level and still be in a bullish pattern. I think I would be a buyer of Oil 15-18 points lower. I hope we get a few wash out days so I can jump on board.
Gold also in the same predicament. Gold can lose $60 here and still be in a bullish pattern and if they dollar weakens or the FED signals again that rate cuts are over I would be all over it.
The market seems like it wants to pull in here but I am not 100% sure, but if we do, it would be a catalyst for a healthy move to go higher.

My positions are small here.
MER short
WFMI short
SOV short
C short
FNM short

Bullish mode

Market in a bullish mood dude to the pullback in oil and Gold plus end of month mark up.

Be careful out there because volume is not that heavy

TRADE CALL :TWM

Long TWM 68.87 Here and NOW

Levels I am watching

I am watching the 12450 level on the DOW. A breach below could signal a sell signal in the indices and march us to the April lows then March lows.