Thursday, November 13, 2008

20081113PM Markets Reject Lows

DOW 8,835.25 +552.59 (+6.67%). Day 7,965.42 – 8,876.59.
NASDAQ 1,596.70 +97.49 (+6.50%)
SP500 911.29 +58.99 (+6.92%)

Index multi-year lows were taken out with a big downtick of +1500 without massive volume. Markets then reversed upside with big volume.
DOW is quickly going to 9600.
Nasdaq is quickly going to 1785 and then 1893.
Commodities including copper closed strong.
Gold impressively reversed and closed higher.

Many stocks tested lows intraday and reversed higher. Those that did so without massive volume can go higher and not need to retest the lows today.

EEV 75.55 -30.64 (-28.85%).
Shorted from 102 a few days ago. Stay short for a few days, though keep a close eye on it to close the short.

TNA 42.60 +8.60 (+25.29%).
Direxion Shares ETF Trust Small Cap Bull 3x. Triple leverage and trades like a stock.

XLF 13.41 +0.91.
Can quickly go to 16 and 20.
XJZAN 1.29 +.28 (+27.72%).
XLF JAN 14 call. Buy and look to sell in next five weeks when XLF gets to 16 or then to 20.
FAS 43.33 +7.63 (+21.37%).
DIREXION SHS ETF TR FINL BULL 3X. Buy.

APL 12.24 +.53.
28% dividend. Day range 10.26 - 12.39. 52week range 11.45 - 46.97. Made 52 week low and closed higher without massive volume. Buy.
DIG 32.82 +5.90 (+21.92%).
Fundamentally oil and other commodities are going higher due to excess money creation causing inflation. This has options.

FCX 26.01 +3.72.
52 week range 21.94 - 127.24. Today range 21.50 - 26.05. Today made 52 week low and reversed higher without making massive volume. 8% dividend. Buy.
ICO 3.11 +.62 (24.90%)
Day range 2.42 - 3.11. 52 week range 2.45 - 13.9. Made 52 week low and rejected it with average volume and closed at day high.
GBN 1.02 +.02.
Gold miner that is producing. Buy.


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