what to do now
darn hard call
gut feel says to dump any crap we own
lets face it, all stocks have dropped, the good, the bad, and the ugly
so if one is gonna buy why not focus on good or great companies rather than junk?
me thinks that the top tier co's will respond better over the next few months
stocks that are way down are going to be subject to tax loss selling
good co's that are still up from a few years ago may still be held by investors so as not to sell for a taxable gain
so I do think that this is the perfect time to focus only on the best ones
take your pick
hard to cull it down
many with buyback programs held much better the last few days than others
even "junk" like SJK GCO held well with a buyback in place
so I'd add a focus on good firms with on going or increased buybacks
and any that show huge insider buying this week
off the top of my head, not looking at any charts
GE
AXP
IBM
maybe GM/F
DELL at some price (not the 100 or 106 I paid near the end of the day today and got "stuck with) , CSCO maybe but still high P/E
LU for sure
FNM
the banks are rough, I still like BKB here but US regionals with no overseas action may be better, like FLT
I love some of the commercial finance companies
CIT with the new buyback
FNV out of Phoenix
but they are getting croaked even with super earnings
drugs, maybe JNJ, BMY, MRK a few others
AVI on a strong turn (or HRZ)
retail S CLE HD
INTC near 68-70
a ton more, too many to list
I guess I'd suggest that one pick maybe 5-10 max to focus on, (take all the old symbols off your quote list to stay focused-- too easy to go back to the "old" favs) hit 2-3 hard, sell in a sec if they turn down
let it ride with a tight as hell stop if up
stay at least 50% cash or margin buying power for at least the next week or so
this down move may well not be over
as bad as today seemed it was a pussy cat next to a few of the selloffs some of us middle aged traders have seen
trade careful or go fishing; one or the other
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