Tuesday, April 14, 2009

Look For More Weakness in Financials

Looks like it was a good move selling a few names yesterday. I don't have much short exposure, but still feel ahead of the game by locking in those profits. I was close to going short the financials this morning, but held off. Missed one there.

I know Goldman reported good numbers (their accuracy is questionable), but I don't think any other bank will do as well, and quite frankly, their stocks are overextended.

SKF is the one I'm looking at. Had a buy order in the 62's before it ran away from me. There will be more chances, and I may still end up buying some. Be sure to use stop losses with these types of trades, as the reversals come without warning and can be very swift.

The only think I'd buy on the long side right now would be commodity related.

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