Intermediate Term

In the intermediate term...

AAPL







RIMM







UNG







CHK

Stocks above their 50 day MA

This chart shows the % of S&P 500 stocks above their 50 day MA.

A bounce is coming. It should have come today and it should come tomorrow - the problem is that this is hard to time under normal market conditions.

Note: it will be interesting to see if the short-sale ban actually gets lifted tomorrow and the effect it will have.
I would like it to get lifted because I think it will slightly help reign in option prices and bid/ask spreads.

Below are a few stocks to keep on the watchlist. You'll have to excuse the long-term charts but when so many securities are making global lows, it's necessary to zoom out to gain some relative perspective.


AAPL
AMZN
GOOG
JNJ
MA
RIMM
OXY
CHK

setups

LONGS:

USO and WDC are presenting low risk setups to the long side.


SHORTS:
FSLR
The following oil, gas, steel, and coal stocks all look like crap after their technical breakdown earlier this month:
SLB, OIH, HAL, APA, DVN, BP, XOM,
X, AKS
ACI, BTU
If you happen to like any of the oil driller/service/equipment names, stick with CHK or RIG.


WATCH:
FXI (125)
BIDU: bearish but oversold, short on a bounce


OptionSpot