Picks for January 24, 2008

By Jason Wall - Daily Online Trading Picks

What a great time to be in the market as a bottom seems to have formed. Not sure if it is a long term bottom or a short term bottom, but a bottom nonetheless. Two great reversal candlesticks on the TSX, DOW, and S & P. Also some great volume as the markets rallied big time. The DOW swung about 650 points today from the low to the high...the TSX swung about 500 points.

Wednesday, January 23 Wrap-up:

RIO rallied at the end of the day. If you would have bought on the pull back in the AM at around $24 you would have rode that one up over $27

MOS, MSFT, WMT, and CSCO were all up. EMC has a nice reversal candlestick.

Thursday's BUYS: (if market is up)

RIO - great reversal candlestick...watch this one.

MOS - Mosaic is starting to look attractive again

EMC - watch this stock

CSCO - Cisco has really been hit hard. Watch for a reversal

Thursday's SHORTS: (if market is down)

Would not short any stock right now...very scary to short a stock right now.


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About the Author: Jason Wall owns and runs various web sites and is also a daytrader.

Source: Daily Online Trading Blog