Great day for the bulls, in fact it’s a fabulous day for the bulls. There’s not a trader in the world who was tilted to the long side, who didn’t feel the emptiness in the pit of his (or her) stomach when futures opened up last night, and instead of being down 2% or more which would be a logical conclusion to make, we are instead holding support at 1368, and trending back upwards. Does it hold into the close? I think it does, bears are trying to savage any remnants of gains that might have been had this morning, and the bulls are feeling like they managed to somehow get themselves a “Get out of Jail Free-Card”. In fact, I think as long as we close above 1368 today on the S&P, it’s a victory for the bulls and a likelihood we rally as the week unfolds.
Here are 3 longs and 2 shorts:
Long: Beazer Homes (BZH) – nice triple bottom action. No position yet in this name, but it is due for a bounce, and I very well may take it before the end of the day. Stop at $2.62.
