Daily Stock Picks Newsletter from August 5th, 2008
What an ugly day, not much worked in our favor except the SKF long position. I sold at $126.57 for a 6.2% profit and repurchased SKF at $121 today with the idea we have several up days on the SKF, although hHolding long positions longer than 2 days has not been working, an example that the oil sector showed us today.
Oil prices dropped to under $120 briefly and yet the broad market did not rebound as normally it does when oil drops.
All of the independent oil drillers XTO, ATPG, GDP, COG, natural gas etf UNG, and even the big boys CVX and COP dropped anywhere from 5-7% today, broke below support levels and started a new leg down. I purchased DIG today
CLHB continued up, this is still a hold.
ACOR dropped more today and broke below the channel support trend lines shown in last night’s video.
The ag-chemical stocks (AGU, MON, MOS, POT) dropped hard today as a group around 11% and I still see this group as lower lows and lower highs continuing an overall downtrend. I see the air being let out of that bubble or at least that is what the pattern looks like.
Both CEDC and TXT moved down although they still are within a holding pattern..
Main point tonight: hold the oil stocks long and small short positions in financials.
KO, Coca-Cola daily chart looks good as a long
YHOO’s chart is still a downtrend. I would wait on this one until it shows a turnaround upward.
Sorry for such a late report. I did not have internet access for 12 hours today starting afternoon.
See you tomorrow night.
NOTE: We are rescheduling the 1 day workshop to August 23rd as a training day at my house. Too many people are on vacation this coming Saturday. Download the software from the brokerage firm you use; I can help you set that up with charts. There are chart set-up instructions with all 5 major online brokerage firms in the member’s area or I can email them to you directly as well. Cost is $399, bring a sack lunch because we live out in the country so driving somewhere to eat is inconvenient. Email me at [email protected] if you can make it.
Mitch King
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