Real Money Rev Shark post.. Monday Buyers Get Back to Work
By Rev Shark
RealMoney.com Contributor
10/18/2010 10:16 AM EDT
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Futures were weak overnight, and we started off a bit slow, but the Monday morning buyers are now back at work. Google (GOOG - commentary - Trade Now) and Apple (AAPL - commentary - Trade Now) are leading once again, but the bounce in financials is what is helping the senior indices. Oil, coal and commodities are weaker on strength in the dollar, but the weakness in semiconductors and retailers is a little worrisome.
This is very mixed market right now with some strong themes emerging. Strength in big-cap glamour names is the key theme right now, but we really have to keep a close watch on the dollar. Anticipation of good Apple earnings tonight is going to keep bids under the big-cap technology today, but the very high expectations can create danger.
I'm trying to knock out a few good trades and am sticking with chart setups. I took some Telestone Technologies (TSTC - commentary - Trade Now), a China play, coming out of a good base on above-average volume. I also am trading reversal patterns in Motricity (MOTR - commentary - Trade Now) and Golden Minerals (AUMN - commentary - Trade Now). Rare earth plays Rare Element Resources (REE - commentary - Trade Now) and Molycorp (MCP - commentary - Trade Now) are back on my radar as well.
I'm keeping time frames short and stops tight.
At the time of publication, DePorre was long TSTC, MOTR, AUMN and REE, but positions will change at any time.
