Things are looking pretty ugly…

Today was the biggest volume day since 3/20, and that was an UP day.  The DOW is now within ~100 points of the MAR low, and ~200 points of the JAN low.  The NAZ is still holding up pretty well considering the action in the larger market.

It wouldn’t surprise us if we were to get a bit of a rebound rally next week.  We ended the week by tightening our hedges Selling closer to the money Calls, and by purchasing more downside protection with additional Put and/or Put Spreads.

We will update the Position Grids over the weekend and are now going to start concentrating on evaluating oversold, solid, dividend paying stocks that may be getting hammered in this current environment.  This is exactly the time that we look to add to our Long Stock holdings…  That is, when everything regardless of performance is selling off.

Everyone have a great weekend.  I will be working a bit this weekend so if anyone would like to chat or has questions please give me a call or drop me a note.

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We are also near the end of our patience with our current Membership engine and their inability to fix the login issue with our Members, though they have assured us that it will be fixed very soon.  Until it is, we will continue publishing all of our posts to the Public area for all to view.

Coach BD   

FLIR

6/16 Close…

Though we could have opened a new position today in FLIR, we decided that the action into the close wasn’t what we wanted to see after that big lot surge around 2 PM.  In this market we’ll remain cautious and wait for the good confirmations and/or consolidations.

We like consolidations into support with bounces off significant support levels much better in this kind of market than confirmation breakouts.  BO’s in a bear market usually fail, and although the recent consolidation in FLIR is what we look for, there is usually a period of churning along the tested support line before new strength is revealed.  We’re looking for that here.

Coach BD

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Weekend Watchlist Note…

One positive note. We like the recent price action on FLIR and will be looking for a confirmation of Friday’s big volume move back above its 20-Day MA and a continuation of the stock’s steady upward movement in this otherwise weak market.

This may be a good new opportunity when there aren’t many out there in this environment.

Coach BD

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