I look for today to be a busy day, and after Goldmans shennanigans, I expect the market to finally sell off. I have prepared a list of names that I will be working my way into today after the opening sequence. My ideal set up would be for us to go positive right after the bell, but we will see.
DRI- A lot of you chart munchers will look at this stock and say, "It has broken out to new 52 week highs, blah blah blah" That is precisely right. However, they also sell bad food to people who have found themselves recently unemployed. For this stock to be at 52 week highs is absurd.
MGM- this stock has more than tripled this month. Stocks that have made this kind of move can be tricky and even if it is worth $3 it could go to $10 first. Vacancy rates are still poor, and CITY CENTER is not complete. Worst case scenario, Vegas, other than the strip, will completely go away....This will be a day trade, and if it works I may look to keep part of the position and let it ride.
COF- I think this stock is entirely fucked and will burn in hell when the massive wave of credit card defaults starts. I will try to be careful with my entry on this one, as BAC and C are already up sharply this morning as people are still buying crap in full force.
DRL- If I can get a locate on this, I will start building a short position today. Nuff said.
RTH- I am not buying into the consumer pulling us out of this crap, and I like short into retail sales.
Good luck today ladys and gents.
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