Thursday, August 13, 2009
Itz Stock Pix: Update & New Pick
This market continues to churn higher, even as most (including myself) are cautious and believe that a pullback is emminent. Below are the stocks I've suggested to long since July & August (LNC) & ABT) & one short LWAY. They've averaged about a 24% return over the last 4 to 7 weeks. I'm suggesting a new position today, the ProShares ETF UltraShort S&P500 ticker symbol SDS, closing today at $44.62. This is strictly a hedge trade for the next few weeks & NOT a long term hold. Set stop to your risk level, I suggest $42 as a stop. My upside target on the SDS is it's 50 day moving average, near $53.
*click on chart to expand image