Sunday, August 24, 2008

Weekend thoughts and calls -- Aug. 24, 2008

Just some quick thoughts and calls:

Major indices are at a very tricky point: they may roll over right here, or there might be another leg up before the counter-trend rally eventually ends. The movement of US dollar and oil could drive the market direction for next week or two.

We are seeing the technical rebound of the extremely oversold energy/commodity/metals sectors. The rebound is yet to run it course, consequently, for this week, any dip towards the lows of the last week can be bought with stops just below. On the other hand, it is very likely that the mid-term trend of these sectors have been reversed, therefore, short-the-rebound setups should be considered in the coming weeks.

1. ABX: S1, 38-41, IT=34

2. CF: S1, 158.5-168, stop just above 173, IT=130

3. CLF: S1, 110-116, stop just above 116, IT=100

4. CME: L2, 330-350, stop just below 330, IT=390

5. CRM: S1, 60-62, closing stop just above 62, IT=54

6. FCX: CTT between 80-100/105

7. GS: Quick-swing L2 if it spikes towards 140, closing stop just below 140, IT=160,

8. JRCC: S1, 49-51, closing stop just above 51, IDS just above 52.5, IT=40

9. MA: S1, 255-258, stop just above 260, IT=221.

10. MOS: S1, 120-128, stop just above 130, IT=100

11. POT: CTT between 166/71 and 200/205

12. USO: CTT between 88/89 and 102/105

13. WLT: S2, 99-109, stop just above 110, IT=85

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