Ok

Well after today's action I am convinced we are just being held up by end of month dressing. I am going out on a limb here but I think a few stocks look sweet for short set ups.

Two I am looking at are not for the faint of heart..
These two stock have been strong but are show lower highs in the charts so I think the risk reward are good. I will see how they open tomorrow before I call them.
A gap up tomorrow for me is a easy short!
Look for the brokers and investment banks again for short opportunities. I still think there are more shoes to drop in the financials but which one I dont know. Right now all the banks are trading terrible, look at Citibank, Wachovia, Bank of America all trading at multi year lows.
Citibank looks like it wants $17, Bank of America could see $27 and Wachovia which looks almost as bad as Citibank seem to be looking for $20. We will see soon enough.

Tomorrow is thursday and I might be too early to this trade but I am buying TWM at open if we do gap up. I already bought some QID's today and think we might roll over anytime now and these are good plays. Also look at SDS which is the ultrashort S&P.

I am targeting a short term push on the S&P to the 1330 level after this push up for the week, so we will see how that turns out.

Lehman Brothers

How many times have I said - STAY AWAY from the financials. Rumors are abound of LEH seeking capital infusion.
Oh yes financials are at a bottom, listen to cramer and the fast money idiots please and lose your money..


SHORT FINANCIALS or STAY AWAY.

Wachovia also at multi year lows.

AWESOME!!!!!!!!!!!!!!!

Hope someone read the notes this morning and shorted the financials. They gapped up and all of them went red in 30 minutes. Not good at all for them to sell off the opening so fast. I caught C and FNM as usual.

Wednesday

Market futures are up one hour before the open. Oil again is on the retreat but I dont really know how far it pulls in. Also remember that this is end of month and we usually have a bullish bias, saying that after this week I think it is going to be hard to keep this market up. Lets see how today plays out. I am looking at first resistance on S&P around 1391 and we might just open there so wait for the first hour to play out to see where they want to take us.

Watch the financials they were up yesterday but ended poorly. If we start to retrace somewhat watch that sector for some intraday shorts

Market

Not much goign on today. Although a decent morning for me shorting Citibank and the S&P 500, the thing is market has no news to push it higher and the volume is weak.

WFMI short is still workable here

OIL

I hope I am wrong on these fib extension numbers but the new projection is $146.50. At that level though if my fib calculations are correct I would expect a test of the $150 level.

Follow and make money or lose- choice is YOURS

OK folks- Since the inception of the blog I have been on a roll. Some of my readers have been raking up huge profits on guidance given here and that's my aim. This year I am working on starting the first real time fund where those invested can watch the fund performance on a daily basis in no secrecy.
This will be the first and I intend on implementing the fund very soon.
Anyways back to the markets. I have a couple of winners as usual but I must tell you there are going to be alot of fake outs happening in the next few weeks so be prepared and stick the the overhaul plan.
Financials are dead here!!!! Buy only after you have won the lottery and want to lose major funds otherwise stay short. Based on this I am going to TRADE CALL : MER short. I know I already have SOV, FNM and Citibank short and the SKF (long)but I think MER will be a good candidate for a short play here to test the $40 mark and if breached I think $36 is very possible before summer's end.
My other TRADE CALL: WFMI short. Whole food is great but the business model will suffer severely in this economic climate. I am looking for this stock to be in teenage land before Year end.