Volume swelled today, giving the indexes a much needed accumulation day. With the indexes pulling back on lighter volume, and going back up on strong volume, I can’t help but to feel that old tingle again. Of my short positions, I have a couple that have exhibited good relative strength. I may cover them in the morning.
Other than the technical issues listed above, there is really nothing that has changed. Yet, I still can not shake this bullish feeling.
Due to this feeling, I screened for some breakouts and other bullish setups. There are still really not a lot of great breakouts to speak of. I’m only finding a few quality ones every evening. This goes to show that the markets are still in bad shape.
As we keep waiting for new leadership to emerge, note that Trucking is one of the most improved industries of late. Due to this change, I’m posting a couple of nice looking charts from the truckers.
I also am beginning to like coal more and more. I think coal stocks could pull back more here, but many are printing some bull flags. I’ve included my favorite coal company chart below. See my previous post on coal here to review the names: Is the Coal Trade Overheated? A Look at 13 Coal Companies.
Finally, I’m sure this irrational feeling of bullishnes will pass. However, I may still nibble a little on the long side tomorrow, if for no other reason than to have the ensuing pain shock me back to my senses.
From the truckers, [[ODFL]] and [[JBHT]].
Above, from the coal sector, is [[JRCC]].
And finally, as hard as it is to believe, [[URBN]] is a retailer that is actually working.
Before you start going nuts on the truckers, pencil neck, take a look at the weekly chart on the transports.
“Seconds from a gully washer” I call that composition.
good stuff woodrow – I was also wondering what you think about FXI again? I had played it on 2/1 to 2/4 for a quick 150.14 to 153.86 gain – then it tanked but now with things looking in the gen. US market short term do u think FXI can be good for a few $ again. Possibly can u comment on EWZ also?
That’s not new leadership, pal.
Those are anomalies.
buylo- I like FXI here for a quick trade on the long side. Maybe a quick 10 points possible? I’d sell it short above 155.
Fuck all of you, except for buylo.
I stated my feeling was irrational.
oh yeah Fly like shorting DECK yesterday was new leadership. Fly, be careful, go long short term or watch your short etf’s disintegrate in the next few days. Woody, Ragin and Danny say so! Even the Slope says so!
He’s not “The Slope of Dope” for nothin’.
Fuckface/Buylo:
I covered some of my DECK short yesterday.
I’m short from $139.
Talk shit about my record, I’ll have your fucking mustache punched off.
Here you go, jacko:
http://www.ibankcoin.com/flyblog/index.php/2008/02/05/fly-buy-deck/
“Seconds from a gully washer.â€
Classic. Thank you, Jake, for the line of the night.
nice post Sheddster! Going against the prevailing Fly-led sentiment here.
I think the downside will lose momentum by midweek next week & either cover your shorts, go to cash or get long for another 5%+ rally.
You have uber/perma bears preparing for the bulls to throw a party.
The Soap of Rope of Dope on a Slope dude is buying calls. Fleck has covered many shorts & wants to give the bulls some rope to play with here. Kass is positioning for a rally. We know Kass is always early but Fleck has a very good nose for getting out of the way of the running of the bulls. He hasn’t survived the roaring 90’s, 2002-2007 bull runs by being an obstinate bear.
I agree with your sentiments and I feel the same way – it is hard to rationalize going long here, but sometimes you have to put your opinions aside and go just on the facts you see. I am still short but worry about the support shown yesterday and also that the market did rally into the close after what looked like another nasty afternoon sell-off. I am not jumping on a bunch of longs here, and I still have some shorts on my watchlist, but I think it is time to be a little more open to the possibility of a bigger rally. I don’t have a clue why we would rally here – it makes no sense to me – but that doesn’t really matter. The market can do whatever it wants.
Four charts I am watching – AKS, CREE, INFA, and SMTS. There aren’t many more good ones out there.
Of course, I say all that and then see the futures down a fairly significant amount this morning. This market is very hard to read right now.
Mac – I like those picks … down futures is what we want
I’ll also be buying some ultra longs QLD UWM ROM UYM … are my first choices … will probably be putting some on this morning into the down futes
THE WOODSHEDDER TOP
I wish I had the crystal balls you guys had. Market says “short” to me, and it’s pretty tight lipped outside of that.
Brucie must understand Mandarin or something…