Bullish Looking Stocks For Thursday
By Scott Johnson on April 23, 2009 | More Posts By Scott Johnson | Author's Website
As I’ve mentioned on many occasions, I’m leaning very bearish at this point, and plan to continue to hold onto nearly all of the short positions I’ve accumulated during the past couple of weeks. My thesis is that the financial, commercial real estate, and retail sectors are significantly overvalued and overbought. It’s not necessarily an original thesis, and actually perhaps too many people are thinking the same thing, which leads to the wall of worry and frequent short squeezes. Nonetheless, I feel confident these sectors will trade significantly lower than the current level, at some point in the reasonably near future.
In the meantime, many charts have truly improved during this rally. I can easily imagine us entering a sideways trading range. We’ll just need to see how the individual stocks react to a pullback, when it comes.
Looking through charts this evening, despite my bearish orientation I found some charts that look good for long trades. Here’s a few:
Red Hat (RHT)
The Scotts Miracle-Gro (SMG)
EMCORE (EMKR)
eHealth (EHTH)
A few of those could use a pullback, but I’ll also watch price breaking over today’s high for each of them. Here are a few to watch on the short side:
Millipore (MIL)
HEICO (HEI)
Archer-Daniels-Midland (ADM)
Mosaic (MOS)
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