Good Morning Today's Trade

Thursday, May 8, 2008

I am not expecting to much different from yesterday, even though we have a small gap up this morning i expect the SPX (S&P) to continue to trend down,with a little more volatility today , yesterday we had a perfect set up off a head and shoulders on the 5 min chart. the break down was at 1410-1412 area and that now becomes resistance. I am looking for a short term target of 1380-1377. Interesting comments by CNBC Art Cashin who has turned very bearish, this is an important period in the markets for the average investor and you can not be lowed into believing you the market can't jut continue down and turn super bearish again. My heart felt opinion and what i will be doing is stepping on the side lines until the tide starts to rise again and its safe to go back into the water.

Positive April same-store-sales results from string of key retailers

Stock futures continue to indicate a positive start after traders received the latest jobless claims data. Initial jobless claims for the week ending May 3 totaled 365,000, which is below the consensus forecast of 370,000 claims. The prior week's jobless claims were revised higher to 383,000 from 380,000.



As for the trades today, look to be quick or be dead, trade the first pullback relative strength stocks and take profits when you have them.

stocks i will be watching

SHLD
DUG
QID
MA
V