3/10/08
Last friday the stock market did not meet my expectation that selloff hard. But my source said the non-farm payroll number(-77k) was very close to the real data posted(-63k) Today, market just keep trading what the trend saying- DOWN. FRE, FNM, C, BSC,MER,LEH,...etc are in all fresh 52weeks lows today and drag down the DOW close at 11740 ( about 100 points away from Jan lows-11650) Let see if we have buyers coming in around the top 11650 area, otherwise it will hit the next mark around 11000-11200 level. Suggest investors avoid longing any banking or financial stocks currently even it seems they are very CHEAP. I seldom give trade idea but BIDU is worth to say since this is the last daring in the Wall street. BIDU has not been trading downward with last 2 weeks significantly compare with other big names..appl...goog...rimm...fslr... Also, BIDU is forming an triangle on daily chart. If it breaksout up, it will running at least 30 points higher. If it goes the other way, very likely break 225 support and may sink much lower to 200 level. Good trading this week. Retail index and CPI are to be announced Thursday & Friday.
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