Be Selective on Any Rise
6Nov2007 Filed under: Daily Report Author: OptionPundit(for details pls visit www.OptionPundit.net)
BE selective should you decide to jump bandwagon. I didn’t find anything convincing other than a technical rebound so I would rather be careful. I generally look for 30mins “dust settle” time before making a decision (exception do exist).
- CROX did wonderful. It will find support in $40 area and may bounce with a overhead resistance around $45.
- Gold has been on the rise for long. It may find temporary resistance at around 850-870, an all time high achieved in 1980s, not before that.
- Be on lookout for XFML, announce great set of results and increased the guidance. Only one of the few chinese stocks that are trading well below IPO Price. I am long XFML and you may read more for my perspective on this, why?
- MA was under pressure y’day due to whole financial sector (but didn’t lose much). I expect it to bounce with the market’s rise. $195-$198 is a breakout area.
- ADM beats estimates, so gap-up.
- Oil is up and so is gold. Metal stocks may shine (BHP, FCX, PCU, XLB)
Cheers and have fun, profitable trading, OP
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OptionPundit | Too Good to be True, But It's True
November 13th, 2007 at 1:22 am
[...] Be selective on any rise, (Nov 6), mentioned not to be trapped by any rally. Rally didn’t happen. [...]