Blog description

My photo
A place for friends to gather and view stock market charts, discuss technical analysis and market outlook. What is your Principal Asset? How can it be developed? Each and all should do their own due dilligence and homework before investing. And by no means should you use anything I say or show here as a sole basis to buy or sell securities as everything is for educational experience only.

Friday, July 25, 2008

Smokers Split, Nibbling Nat Gas & OMG Amgen....

For the smokers in the crowd let's take a look at Altria and Phillip Morris:

Altria, MO, appears to be consolodating nicely under the short term resistance at $21.28 here for a call setup with a somewhat close stop at $20.20.
On the other hand PM is looking toppy and can be shorted with confidence above $53.25 setting a stop above the 78.6% fib level or $53.60 or so.
And for those energy suckers one could reasonably start nibbling at UNG as the falling knife could have hit the floor at the 38.2% fib level at $41.42. Don't forget the TIGHT stop here at $41.29!!! Because if it breaks here lookout for the next fib level at $38.29.
And then there's Amgen: This one was brought to us back in May by our deep in the money calls mentor Mr. Dykstra. On May 14, 2008 one could have purchased the Octber $40 calls for $5 per contract. Yes folks those same calls tomorrow will be worth approximately $22 per contract for a four bagger. Yes there is hope and it can be done..............................