What an amazing slide in the market today. StockFetcher tells me that there were 2150 stocks which hit their 52 week low! I think there are bound to be some good bounce plays in that. But these days, I don’t really like LONG setups, so I did not bother going through that list. Anyway, here are the stocks I am going to watch tomorrow.
Obviously, I will be watching my two OPEN positions i.e. MYL and OPTR. For MYL, 9$ is a solid support and if it breaks it, it can come down crashing. Let’s hope that it does!
SNMX – It barely managed to go GREEN today when entire market was going down. 4$ is a crucial mark for it. I think it will try to break 4$ and if it can not break it convincingly, I would like to short it at around 4$.
CHIC – They are an apparel company and stock literally JUMPED from 6.5 to 8.15. Average volume is 400k and today’s volume was 2.14 million. Apparently, there was a take over offer by some other company. Mind you, not an actual take over, only an offer. If the offer doesn’t materialize or takes time, this one should tank again. I would like to short it at todays close i.e. 8.15,
ABK – One of my favorite stock. 
Now, even though I have a rule that I won’t touch these huge companies, I have a soft corner for ABK as I started my trading career by trading ABK. Also, ABK is at 1.20, very close to its 52 week low of 1.02. I think it if touches 1$, I plan to load it up for a quick scalp. This is the only LONG setup I am considering.
That’s all for now.
Happy Trading,
RJ.
2 responses so far ↓
1 iL Torello // Nov 13, 2008 at 3:48 am
Ramta…Nice trade on OPTR. Watch Laura…I’ve learned from her – she will let that winner ride until it goes green.
2 bao_t2008 // Nov 13, 2008 at 8:54 am
RJ,
Those are some good picks. It looks like CHIC is up to $8.5/share during the pre-market, so it might go bullish throughout most of the day. I’m thinking that there will be a market rally today, since we have a lot of oversold stocks that bottomed out.
Leave a Comment