Crappy weather here all weekend. Never did stop raining. All my fishing gear is ready to go and the Kayak is cleaned and set up as well. Hopefully next weekend I can kick off fishing season.
So things have been beat down for about 6 weeks now. What's next? That is the million dollar question of course, well, slightly less for my account size, LOL.
Right now is actually a good time to look for some long ideas. It is a concept I like to call Pinned Stocks. During a down trend (does not have to be as large as the one we have right now) you can search for stocks that have recently held up well, or have even grabbed a small gain. The key here is to look for heavy buying volume that has come in. If buyers are getting in line to buy shares in company XYZ when things have been tough, they just might go nuts if a broad market bounce occurs. These types of finds are fun because usually you only need play the position for a day or two to capture upside targets.
I am starting homework right now and using the iBankCoin PPT screener it is fairly easy to sort stocks on this type of criteria. I don't know if I will find anything, but I will update later if I do.
Along this line, chessNwine has a few candidates that fit this idea:
Hitting the Pipe Hard
I really like the look of chess pick WES from his chart.
Ok a rare look into GYSC's mind this Sunday. Here are a few finds chart wise (click any for larger view):
My number one pick, BKH:
Back this chart out to a weekly view and it's even more strong.
Number two, ZGNX, big time bottom here:
Like this one here.
A few assorted ideas:
Sellers may be done, and stochastics are looking up.
CNU has a great inverted hammer but want to see some buyers come in:
As always, not investment advice! I do what I do and show you. All of these plays carry risk. There are about a million charting sites better than mine so take a look and see what you think.
Have a good night.