Toddo On TV: Old is the New New
Markets, movers and more.
Muses Toddo, "Which of the financials has the best chance of a strong recovery and why?" Viewing franchise potential, he's long Wachovia (WB), which is hedged with some American Express (AXP) under $40.
Like a market peeping Tom, the Minyan-in-Chief is eyeing the High-Low Indices for the New York Stock Exchange and NASDAQ, which are down to levels last seen at the March lows. People aren't looking to buy new anymore. Should investors be looking at companies that focus more on service and maintenance? Toddo touched on America's Car-Mart (CRMT) a few weeks ago; it's now breaking out to 52-week highs. Another interesting play: First Cash Financial Services (FCFS), which operates pawn shops and lends money on pledged personal property.
Thinking of a master plan? You're not alone. It's crunch time in the City of Critters. Here are five levels Toddo's minding:
- The KBW Bank Sector (BKX) at 60 (Minyans know this level all too well).
- Google (GOOG) at $525 (top end of the gap, which works to $450).
- Crude at $140 (past support is future resistance).
- S&P at 1275 (the March lows on a closing basis).
- CSI 300 Index at 3000 (the level of lore heading into the Beijing Olympics).
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