Ken Shreve from IBD said on Steve Crawley's show at 6AM this morning that a lack of new leaders is a major problem for the rally at the moment. However, he mentioned some stocks that are either in bases or looking healthy. RIG, HK, SWN, RRC. Note that they are all energy stocks. Ken also noted the possible weakness for the fertilizers CF and POT.
Duane Runnels <drunnels@???> wrote: My M signals say it's time to make money. I am finding plenty of stocks to buy, but few of them are acting right. Some are down on up days. Most are lackadaisical in their movements, rather than the strong runups I'm used to. It's not unusual for my holdings to go up 5+% in one day. As yet, I've had no such day. I own 4 stocks. Several times this week I've noticed I own the best performing 1 or 2 stocks from my watchlist while at the same time I also own the worst. A couple of days I've had 2 stocks up and the other two down. It's a rally without much conviction IMO. That said, I'm making money even though every day I consider selling.
Dave Rubin <daverubin@???> wrote: I am very suspect of M here. Sure were in a confirmed rally but something doesnt feel right. Anybody agree?
I see POT reaching new highs yet again on decreasing volume. Looks like it is forming a triple-top. Or, it could be breaking out of a short double-bottom. But shouldnt we be seeing new stocks breakout, not the same old ones breaking out of short bases?
I hate to try to time the market. If you miss those precious few 4% daily gains your portfolio takes a big hit. But still I cant help but think we havent seen the end of this correction. Looking at a long-term chart, sharp moves down like this one never resolve this quickly.
This financial crisis is immense compared to other bear market triggers such as the S&L crisis and LTCM collapse. Trillions of dollars just disappeared. One could say its the worst we have seen since the great depression. Is a 6 month correction of 17% in the S&P enough, especially after a bull market of unprecedented length? Or are we in store for another protracted bear market like 2000-2002?
Dont want to miss the next move up, but having trouble committing dollars here
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