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All,
I didn't like the looks of the market before I went on vacation, so I
went to all cash except for my LEAP option positions on Wednesday before we
left. However, I couldn't resist after I heard about last Monday's drop and
did open a position in SCH last Tuesday afternoon. I looked at my charts
hard tonight and decided I needed to get back in on the long side. I'm
going to stick with my large cap momentum plays but have decided to also add
a few small cap value plays.
For the large cap I picked MicroSoft (MSFT). It has been in a strong
momentum up move but pulled back to and bounced off the bottom of its Short
Term Up trend channel last week. For a combination value and breakout play,
I picked Comp USA (CPU). It just broke out of an Intermediate Term Down
Trend Channel today and gave a MetaStock StochRSI buy signal.
JimG
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