Sunday, June 07, 2009
Working Longs (should leadership still paint positive)
While the market itself reversed lower on the perceived-positive news, in the end leadership stocks did not act badly on Friday. I'm market-neutral, or even a little net-short going into the new week (shift from Friday), but I'm not against getting right back long if action tomorrow is compelling or positive.
That could work several ways. Example, if the general market direction is further-negative, and yet leadership stocks are behaving well, I'll hold onto hedges while adding-back to longs at the same time. If both general direction and action in leadership is alive and snorting, then I'll let go of short-hedges simultaneous to adding-back long. Yet if both leadership and the general market are accelerating negative, I may add to the hedge while adding, holding, or unloading leadership, depending how severe the internals dictate.
If of these these happen, I'll make it up, deal with it then and convey via Twitter. Get to bed.
Here then is the updated working-list of leadership-longs for the early-week:
Internet-Content [group is extended; would be interesting near-term on a hard slice lower]:
NTAP (enter above 20; possibly lower, but depending)
ARST (remaining group slipping rank-wise lately)
FNSR (pennystock; enter above .74)
SNX (extended; may need to build handle)
Oil & Gas-Machinery-Equip:
Computer Networking (group slipping in RS):
Other Groups showing increased RS rank (not able to compile individual names of these tonight):
- Metal Ores
-Oil&Gas - Field Svcs
-Oil & Gas - US Exploration -Oil & Gas - Canadian Exploration -Leisure Svcs -Energy - Other