The markets continued to sell off today, but it was encouraging that the move down was lighter than the previous two days...and the volume was a bit lighter too. I still don't recommend any bullish positions until the market proves it is done falling. IBM continues to impress me as it holds that $120 support. Technology has been weak lately...but if we get an up day in the market, IBM could really take off. Also watch AAPL. If it holds support at its 10 day MA, it could start to move back up. It didn't really drop much on that RIMM news...at least not yet. I am also keeping a close eye on the Energy stocks. I still like natural gas...CHK, APA, and APC. Watch the developments arising from the Iran nuclear program. Go to your favorite news channel or read some articles to get up to date as to what is going on there. If this situation escalates, it could cause oil prices to go through the roof. You might need to make some money with some of these trades just to afford the gas for your car! I'm not saying to run out there and buy these stocks right now. These conflicts can last months before they escalate...if they end up escalating at all. If an uptrend is in place on some of these stocks, you should definitely look to buy into the trend. In other words, let the trend dictate the trading decision...like it always should. More than anything I want you to be prepared. If something happens, you'll be ready to go. Some of my favorite trends include NOV, DVN, EOG, KWK, CLR, HAL, and ATPG.
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