Monday, March 05, 2012

Weekly Stock Pick

Bearish Bias

Monday is when I always post a stock buy or sell stock pick each week. I don't have a stock pick this week, because I wouldn't be buying long at this point, and its a bit early to sell short just yet I think. I just don't see any low-risk high-reward longs or shorts this Monday. Maybe later in the week the markets show's us all some more clear direction. For me I'm getting ready to sell short.

DJIA Heading Lower

I see the market heading lower starting this week. We could see a test of resistance at 13,050 on the Dow Jones Industrials first before the reversal sets in, but I doubt that will happen and we will just head lower all this week.

Same for the SP500 and Nasdaq

I see the DJIA hitting major support at 12,550 later in the month. After that getting an oversold bounce up to about 12,700 then back down into lower lows. The same goes for the SP500 and the Nasdaq.

Bulls and Bears Fighting It Out

If you're bullish still, you probably stopped reading this possibly. If you're bearish, I would go on to say, if you want to initiate a new short-sell position this Monday or week, put it on Citibank - Ticker C. Make sure you place a stop-loss in case the market does head higher for some crazy reason.

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