LPH Rev Shark on it... Is This the News That Will Be Sold?
By Rev Shark
RealMoney.com Contributor
11/5/2010 10:16 AM EDT
The strong job numbers are having limited impact so far. Market players are a little nervous that maybe we are finally due for some selling of good news after the crushing of the bears who were quick to anticipate that sort of action on the Fed announcement.
Breadth is slightly positive and we have leadership in banks, which is a good sign, but the jobs news has strengthened the dollar and that is weighing on gold, oil and commodities. If we have an intraday reversal and take out the opening lows, the profit-taking will accelerate quickly. But as I keep saying, the dip-buyers are very hungry for some better entry points, and they should provide good support ... at least initially.
I have my eye on a few plays, but so many individual charts are extended now, the entries are limited. Jinko Solar (JKS - commentary - Trade Now) priced a secondary today at $36 and I'm averaging into a position there. The company has some great numbers and the solar sector remains fairly strong. Longwei Petroleum (LPH - commentary - Trade Now), which I mentioned recently, broke out this morning and I'm looking to accumulate more of that on a pullback.
There are quite a few interesting stocks, but they really need a rest at this point. A few days of consolidation would set some things up very n
