Tuesday, March 6, 2012

Finally getting some movement

Well, i haven't posted for a while - as i was getting rather complacent with the market action.  Now that we have some selling, its time to start observing some action in stocks followed.  FCX is looking really good as of today.  Stopped out about a week ago, and decided to wait for a better setup.  Today provided such a setup.  Also took a nibble on CAT; even though i'm not totally sure its done selling, i'll manage the trade accordingly.  As for the broad market, it looks like we will have another day maybe two of selling before the buyers start piling in to stocks.  Many stocks are close to some pretty good support now, but another day will do wonders. Its hard to refrain from buying on the way down; especially when you are glued to the monitors throughout the day.  Usually when i think the market has sold enough, it needs another day.  On my radar this week are: NSC, PII, RGR, CAT, FCX, CLF, DE, EBAY, SLB, and CF.   I did manage to take a couple of VIX trades with profit to help out the downside the last couple days; however, i found the VIXX did not move like the VIX index, which was discouraging.  I'm not much on shorting stocks, but if they get over extended again (in certain ones) i will look at this option more closely.
I'll end this post with a snapshot at some rough levels in the S&P to watch for support/resistance.

                                                                                             click chart to view

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