I found some stocks that are not too over extended on the short side trading near important support levels. The bulk of the stocks are from the oil service and equipment sector. Maybe they will break them down like they did with the coals and steels.
I'm looking for XEC, FLR, and WHQ to fill the gap. FLR is a monster, maybe it can finally crack.
Things look ugly out there. I don't see anything that looks good on the long side.
- I have been trading for 5 years. It took close to a year before I became profitable. I find that I am improving gradually each year. My method of choice is scalping. My edge lies in tape reading NYSE stocks and staying on the side of the specialist. That is the method I learned when I started. As I build up my capital I will try new styles and trade new markets. In late 2006 my trading hit a rough patch after the introduction of the NYSE Hybrid system. For most of 2007, I have been on a search for new strategies that would help me adapt to the market.