Monday, May 02, 2005

A coma is more exciting than this market.

The markets did close strong at or near the highs of the day, but really today was meaningless and dull. It was a very boring day and came with some of the lowest volume we have seen all year. Everybody is waiting to hear from Greenspan, which I can only pray gives us some direction of follow-thru to the downside or upside so we can get some decent action on the indexes instead of this up, down, up, down, up, and down series. I am still sitting mostly on cash and am holding few shorts and longs. Most of my longs are completely made of medicals. I do however have a few decent longs to show tonight for possible long swing-trades.

ACU DJO PMD RCI PHS WOOF THOR IMA ATRI ROL LKQX PWAV ABB

All of the stocks (except last four) are from the medical industry. It is obvious looking at all my medical stocks making nice moves out of good bases that this is the only "safe" (using it loosely) area to make good consistent money on the long side currently. I am not sure what this says about the market cause the market changes all the time. But history shows, when you have medicals leading, the market is not too healthy. Unless this time it is different. Don't you love it? I do.

I will be back later to see if there are any more longs I missed and if there are any shorts I might want to poke.
Aloha

1 comment:

Joshua "MauiTrader" Hayes said...

You are absolutely correct. I always recommend, as IBD does, going long only in a bull market. My only exception is going long leading (top 20 or so industrys) stocks that do well during bear markets historically. But when that is the case a very small portion of someones account should be used.