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..............................