Stocks for the Rest of Us
Wall Street on Vacation Makes For Choppy Trading
The trading action today was again choppy as most of the big wall street traders are most likely on vacation. Volume was low and the moves were jittery. While the major indices are not overbought they are definitely far from being oversold. Therefore you need to take a defensive posture. I’m still net long but I sold off some energy related stocks such as PBR and SJT last Thursday on the big spike. I continue to hold my XLE long position with a stop around 72.50. Seeing as how we’re not yet oversold I would not initiate any new positions here as the risk at this point is too high.
| Print article | This entry was posted by brian on August 25, 2008 at 2:47 pm, and is filed under Index Notes. Follow any responses to this post through RSS 2.0. You can leave a response or trackback from your own site. |
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