Remain Open-Minded in This Market
By Quint Tatro Oct 25, 2007 8:57 am
It is very easy to slip into a bearish thesis at this juncture but as we navigate through earnings season, performance anxiety may just take center stage and ramp us into year end.
Good morning, Minyans,
Yesterday was one powerful reversal and is why it is so important to always remain open-minded and flexible. Furthermore, a day like yesterday once again reiterated why it is so important to consider waiting the entire day before taking stops.
Futures are pointing higher this morning after yesterday's reversal and I think it is imperative that we remain open-minded to all possibilities. It is very easy to slip into a bearish thesis at this juncture as it seems so prevalent, but as we navigate through earnings season, performance anxiety may just take center stage and ramp us into year end. On the other hand, if we continue to remain weak we can't hold steady with our firm optimism, rather we must be willing to adapt.
It was one heck of a ride but my Blackrock (BLK) closed well yesterday, all things considered. The high volume hammer bodes well going forward and now I am watching for a move over Tuesday's high of $191.95 as my next add point. My stop will remain in place which is a break of $184.30 on the close.
The recent choppiness has done wonders for the underlying charts and I see many that interest me. I am trying to keep my focus on stocks that have already reported as I never like to buy ahead of earnings. A few that interest me are:
Charles Schwab (SCHW), I was stopped out of this name recently on last Friday's rinse however the rebound here is powerful and a name I would like to re-enter. I am watching for a push over the $22.50 area as my starting point again.
Yesterday, I put a little Options Express (OXPS) on the radar after the company reported a very impressive quarter. I would like to add over yesterday's high of $27.81 with a trailing stop below the $27.00 level.
If there is one thing we have seen in this market, it is that anything is possible. Remain open-minded and flexible and you won't go wrong.
Positions in BLK, OXPS
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