Watchlist

A sell the news reaction is exactly what we got today. Volume wasn't too bad on the S&P and I think today was what I have been mentioning we need, some down days to consolidate the charts. We have a lot of economic data coming out with more earnings reports tomorrow and the jobs report on Friday. There was some panic in the close today but I think this is a positive for the market as it is finally giving more investors an entry point to buy their favorite stocks at still bargain prices. I'm not going to be quick to act and still keep my position size in check but will be looking to slowly add back to my favorites. I don't want to see volume pick up and will tread pretty lightly until Friday's data is out. Here are a few of my favorites:

EXM - Great earnings! Beat on EPS and Revs. Stock is up 5 % after hours. It would making a DRYS 20% type move if the market didn't suck today. Management also confirmed a 40 cent per share dividend for shareholders on record by the 20th. So hopefully we will get an add point before then because that represents a huge yield, especially if the overall market can push the price back down. We will see what comes of the conference call. I'm sure projections will be lowered and we will see how much of that is already priced into the stock and how many value investors are out there ready to grab some shares to take advantage of the dividend yield.

STLD - I still love this stock as I continue to see it as the best steel play in a recession. Their production costs are near the lowest in the industry due to the fact they use scrap metal as raw material. I really like the light volume pullback here today and hope we get another one tomorrow. I'm looking to initiate a position in the $8-9 area if volume remains light. It really says something to me that with a volume surge over the last few weeks, a lot of traders have big gains here. The price action was awful today with the stock down over 15% yet volume remained light, meaning that many holders still feel the stock is going higher. Lets see if we get similar action tomorrow.

SIL - This a short term trade I am looking at off an ECB rate cut. Silver play that has spiked in the past of interest rate cuts. I'm watching for a break through of the $2 level on strong volume. I will get pretty aggressive with my size if this happens and be quick to take gains as well as cut losses.

COIN - I think this one would have broken out today had the overall market not craped out. Saw good volume and tested the $7.00 level but ultimately failed. I will be looking to trade this one through that level should it continue to see strong volume and have a cooperative overall market.