...and that is directly quoted from Macroman. Well, we'll just have to see about that.
Or, for Rambo fans: "Nothing is over."
Needless to say, I took some profits. First, let's go to the charts:
IBM looks good for a long here. Very good price movement and has formed a classic double bottom. Conservative traders should look for a breakout above 89.50 to get serious.
SLV long. You either love precious metals or hate 'em. I just decided to keep 5-10% of my trading portfolio in this sector and split it equally between GLD and SLV. No emotion, no fallout bunker, no ammo, no SPAM. When they get above the regression line, I sell some; when they get below, I buy some. It works for me.
Sprint (S) is a nice pattern for a long position. This is snugging up to overhead resistance should break through one of these times. Could double. Use the lower trend line for a sell-stop.
MRVL has been reviewed before as a long candidate. Like a wimp, I got stopped out in the past-- which is further evidence of Teresa lo's advice not to set stops too tight. Any pullback in this could be a buying opportunity, but this could just run away from here. CY also is a strong chart.
While I remain skeptical by nature and I have no trust in the bull thesis here, I could not find any classis short set-ups. AXP, COF, FRX and CEG all look like decent shorts, but not outstanding. I sold half my FCX in the pop, but will add it back with any pullbacks... I still think it's going to $40 or beyond. MS, likewise, was sold for a gain.