The bears got a dose of co-ordinated Central Bank action today from the Fed, ECB, SNB, BOE, and BOJ to boost liquidity in the global marketplace. So Paul Revere literally came riding through, turning the bears into headless horsemen in an instant.
My new favourite level to watch - the 50% daily Fib level - is proving to be a blessing. With the exception of JRCC, which didn't form a new high, all other stocks I've been following have broken through resistance levels today. Could more bullishness be ahead?
The key question is... since there was co-ordinated Central Bank action today, will that lessen the impact of Bernanke's Twist next week - or will it strengthen it? If today's action was a success, then the bears will certainly be more jittery than usual. They do not want to be short with Twist just around the corner, do they? I need to be in a play that's got a lot more short interest than the ones I'm currently holding. The greater the short interest, the more bears to grill. Gotta do some more research tonight...
For now, here's a list of 50% daily Fib levels for the stocks that are still in my portfolio [that I am actively trading]:
BAC $7.235, closed above it
CENX $11.37, closed above it
JRCC $10.15, closed right on it at the last minutes of trading - this one was exciting to watch
TGB $3.489, closed right above it
BCS $10.095, closed above it and pretty near daily high
We appear to have strong prices - backed by Central Bankers who are ready and willing to give the market the liquidity it needs. I'm in stocks that are ticking up, but not enough! For more pleasurable price action, I think I need to get into some more financial sector stocks. BCS may not have been such a bad buy after all, but let's see if we get to roast any more bears before we pass any judgment...
+1.79% SBA
+1.58% Roth IRA
+1.66% DJIA
+1.34% Nasdaq
+1.72% S&P
No comments:
Post a Comment