Only one comment on the lhsg chart and price action. Current stock price is at the top of a downward trading band which also corresponds to the neckline (50 to 51 actually) of a head and shoulders top. It is hard to tell if we are forming the right shoulder or it formed rather abruptly in july.
If the market surges tomorrow, it may be the opportunity we look for as it is optimum to short or buy puts into strength. On the other hand, if the advances lead decliners by 3 to 1, I may change my outlook and start buying a few longs without hedging for a while. It is my opinion that the market strength will once again be selective and weak. The key would be to watch what were the leaders in the lasst advance. That being the banks and internet stocks, (some of which gave sell signals friday) and the market breadth.
some new sell signals I have follow. I do not have a position in any except lhsg, which has not given me a cover signal. I am also reentering a position on pixr into any strength (and using the chart which is very much like lhsg). new sell signals: cof, aol, anf, aste, xcit, rpc, itcd,intv,pvtl,lcos, and vrts.
As you can tell, I only follow the highest of the high fliers and short on weakness. I currently have a small cash position as well as 2 longs and 2 shorts. I am also not recommending positions in any of the above, but just giving input to new ideas.
Another one with a nice chart you may want to look at is lhspf. it has quite a bit of resistance from what i have observed at 41 to 42 range.
good luck and I hope these help |
