Daily Stock Picks Newsletter from August 17th, 2008
The oil sector continues to have declines in prices with the underlying price of oil going down to lower lows. The commodities and precious metals have had similar deterioration. It is still very likely that we are going to have a substantial rebound in this sector that may last 1-3 months and should start moving up soon.
Independent oil stocks that may be bottoming now are XTO, XCO, COG
Look at GLD, Gold Trust or DBP, Precious Metals ETF and see the dramatic breakdown in prices. It looks like they may have a little more downside before trying to bottom fish for the low price.
AFAM, Almost Family, is still a good short from here. This little rebound is still within the bullshort model and the target price is mid to low 30’s.
TACT, NPSP, TWP, SWIM and FSYS are also acting well as short sale ideas.
Other stocks that I am watching for possible shorts are two cable tv companies, CVC and LBTYA but this sector can easily continue moving up so this may not be ready for short positions for some time yet. CPHD and MYGN are also possible short candidates.
Keep your discipline with stop losses and position sizes that are relatively small.
Have a great day.
Mitch King
www.TradeStocksAmerica.com
PS: Saturday, August 23rd is scheduled 1 day workshop at my house. Please email me at [email protected] if you plan to attend.
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