SWEB, ABAT, WRLS update
SWEB: Well, I guess I should have asked for more than just "we are on track".... that was about the best thing said on the conference call. Problem is the track is a bit too far out in time to expect the stock to rise and contains so many questions and unknowns it will probably weigh on the stock near term. Best I can hope for is that investors feel it is "on track" enough to keep it near $1. With the state of the market I am not so sure. If progress is made in the future I will post again on SWEB... until then the details are meaningless.
ABAT: Nice to see it get the breakout. That was the easy part though, now comes the hard part to HOLD the breakout in a crashing market. Good luck to us.
WRLS: Achieved its first short term target of $6. Yeah it got close enough the past couple of days but actually got the print today. If the intermediate term play on this stock can survive the meltdown it could be showing us it will do well coming out the other side. Certainly a tall order in this market.
Nothing new for tonight, did you know we are in a correction? Which will it be.... crash or capitulation? Either way, enjoy!
3 comments:
Any ideas/suggestions on something to short out there?
The question is what NOT to short, right? Unfortunately I spent the time the market was sitting at support talking in general terms about the correction... But I did feel I had to set the table and in this environment the first step is to be out of the way.
OK... so we only want to short near resistance right? Either as it breaks down through resistance or bounces up to resistance. Clearly most of the market is already extended and you are either short or you are not. Still have to have a tight stop to control losses in the event we are seeing a capiulation move and not a crash right here. Shorting the bottom is as easy as buying the top.
That said, utilities are breaking support today... XLU. So a stock like CEG presents and entry. CTSH is near some important support. Double top in KBR.
Rest of the day will sure be interesting. The market is retesting the breakdown just after noon right now. If that holds... got a short in the indexes with a tight stop if that resistance fails to hold and shows we might actually reverse.
XLU held support, CEG is below suport but the group held. CTSH managed to close above support, that could be a good one to watch for the future though. Pretty wild reversal and save at support for KBR.
Lets be ready to hit some shorts if we bounce a little :-) No more of this shorting the bottom stuff.
Post a Comment