The market had a decent day today. I bought some QQQ this morning because I liked the bounce the NASDAQ was having. It closed the gap that it opened on April 2nd. I thought it was a good risk/reward situation to make a buy there. I’ll look to hold until the NASDAQ gets back to the 1425 level which has proven so tough to break through. (If we take out today’s low tough, I’ll dump the Qs.) I’m a little more bullish after today’s action b/c there were a lot of hammers made in individual stocks today. That tells me that the next move for those stocks is likely upward. Options expiration is next week, so there should be some machinations by the market makers & specialists.
I have a list of stocks that I want to buy here. I might buy a couple of these if they rise above today’s high, but I don’t want to hold too much going into the weekend. Here’s the list: ANN, BRL, BSTE, CKFR, CREE, ESI, FIC, IDCC, LEH, LUV, MYL, UNTD. UNTD is probably my favorite of the bunch b/c the internet sector has been so hot of late. Yahoo had a good earnings report last night which reignited the fire in the sector.
