Markets Shrug of $123 Oil, Reverse Higher on Heavier Volume
Posted on May 7, 2008
Filed Under Market Speculator |
The bull market in crude continues to provide fear for this market. Stocks sold off much of the morning where the NASDAQ corrected .8%. Volume was tracking higher much of the day, but as the day worn on stocks got stronger. In the face of $123, which have most thinking this market is about to crash stocks continue to push higher on higher volume. A tremendous sign of accumulation and not too mention a diminished risk of more lows. Regardless of your opinions are or political views this market wants to move higher.
Continue to search for companies with great earning and sales growth. These stocks will be the ones that will move the fastest in this market. Two stocks that come to mind are HOGS and CDS. Both have tremendous earnings power and their charts are beginning to set up. Four stocks I own have just done 20/4 type moves (20% in 4 weeks) and we know by the case studies done by IBD we must continue to hold these stocks for a minimum of 8 weeks. The four are: FEED, VISN, PWRD, VIT.
Opinions aside, this market is very strong. We should continue marching higher on the indexes but remember to always cut your losses short and let your winners run.
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