Here’s Where I’m Finding Both Longs And Shorts

  • April 1, 2004
  • Gary Kaltbaum
I was contemplating
taking the day off today. Some days, I just don’t have much to say.
(No jokes please!) I told you

last time that maybe there was not much upside…and for that fact, not
much downside. Of course, that’s almost impossible as market’s don’t just sit.

As of this second, I have no conviction. Yes, I have no conviction…but only
on the major indices. I knew we would bounce…but as usual, the bounce may be
turning into something better. If you had asked me a week ago, I would have
said we would be heading back down by now. So, how do I play it? I call it:
“Next big volume day wins.” Whichever way the next big move goes, I play it.
It is that close. I gather Friday may tip the scales one way or another.

 

BUT…that should not change our normal gameplan
as I am finding plenty of names on both sides of the equation. While the
market is trying to figure itself out, I am finding both longs and shorts. I
am finding breakouts in famous names like:

 


 



 

At the same time, I am potential short plays in
names like:




 

As these stocks break their pivots, they
potentially head for the next level of support.

 

Jobs report and then comes earning season. Things
are quiet now. Don’t expect that to last.

Gary Kaltbaum