Some more bottom picking stuff

ogm, what is your plan for tomorrow? I think most TA guys agree that some kind of bottom is being formed and are quite open to the idea of going long for a while. But I am clueless as to what we can expect tomorrow - curious to your plan given the .4 trin, fed, etc. Personally I was thinking of waiting until the FED with the idea that we will drift lower to work out some vst OB conditions, maybe even sell-off a bit and then ramp up after fed - maybe after tomorrow the ramp will start. thoughts?

ogm,

what is your plan for tomorrow? I think most TA guys agree that some kind of bottom is being formed and are quite open to the idea of going long for a while. But I am clueless as to what we can expect tomorrow - curious to your plan given the .4 trin, fed, etc.

Personally I was thinking of waiting until the FED with the idea that we will drift lower to work out some vst OB conditions, maybe even sell-off a bit and then ramp up after fed - maybe after tomorrow the ramp will start. thoughts?

I have no specific plan for tomorrow. I think this rally will last for a while. Maybe tomrrow we'll get some kind of retest on Fed news. Otherwise, I'll just sit and wait and daytrade futures, while the big stuff sorts itself out.

I'm looking to pick up some more longs. Probably large caps. I picked up quite a few banks today already on top of what I had from a couple days ago.

I'm long C, BAC, JPM, DB, USB, KEY and a banking ETF .. KBE.

Also picked up INTC, PFE, UNM, PRU, PIC, CVY, FMD and PG today. PG looks like its going to break out to new highs.
Added AMX, WDC, NRI, RAS

2 of my stocks today hit new 52 week highs... AMAT and SAM.

In other words, I'm loaded.. lets rally

Mostly large caps. I agree with Teaparty, largecaps seem like the best bet here.

Was looking at MA when it was down in the morning and didn't buy bummer

Edited by ogm, 06 August 2007 - 08:04 PM.

ogm, kudos to you for sticking your neck out and calling a bottom in the face of withering skepticism from much of the board. Its probably too early to use the word bottom but I think this one wil stick for a couple more days. But I do not think its an I-T or L-T bottom. We'll see what the market has to say about that.

ogm, kudos to you for sticking your neck out and calling a bottom in the face of withering skepticism from much of the board.

Its probably too early to use the word bottom but I think this one wil stick for a couple more days. But I do not think its an I-T or L-T bottom. We'll see what the market has to say about that.

there were quite a few people includiung myself that agreed with ogm right off the bat. granted ogm was focused on financials while some of us were trying to rationalize a global market bottom.

anyway, thanks for the response ogm - futures scalping is the way to go i guess.

Lets wait with congratulating each other As someone said.. Congratulate me when I sell something, not when I buy something .. I think KKR's CEO

Edited by ogm, 06 August 2007 - 09:54 PM.