Sunday, August 21, 2005

Watch list for 8-22-05

Most of my buying power is tied up in short positions, but I think it is a good idea hedging with a few select longs while the longer-term uptrend is intact and the major indices are not in free-fall. In fact, the major indices are right on their 50-day moving averages which will bring in some buying while there is no serious selling pressure.

Here are the interesting stocks that my market homework software identified this weekend:

Bill Cara gave some good advice this weekend in his Weekly Market Review:

  • "Armageddon on Wall Street gets a little closer month by month, so I
    continue to advise readers to protect your portfolio. At the very least, do
    not chase stocks higher on rallies."

  • "The U.S. equity market is dead in the water, while, until this week at
    least, Japan, Canada, the U.K, etc, had been flying.
    As I noted a week ago, and for a few weeks now: 'So why bother buying U.S.
    equities or bonds or real estate today when tomorrow there will be many
    bargains to choose from?'"

If you haven't read his review this week, its worth checking out for his comprehensive arguments backing his position.

Gorden Gekko at The Knight Trader dropped me a mail this weekend with a heads up on a few stocks. I thought ALY in particular looked interesting. I'm sure he'll be covering ALY and the others this week in his blog.


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