Worth cheering for...

While not all of the names on our watchlist participated in the rally today, it is something that's worth cheering for.    Of course, this is becoming a norm now that stocks don't just finish flat.   We either close up 200 + pt or down just as much.    One thing remained clear though, is that the financials had a very heavy weighting on the movement of the indices these days.    Today's news is that Citi is selling $7.5 billion dollar worth of co. to Abu Dhabi's state investment fund.   Although this news did not seem to spark Citi stock that  much, but it did have an effect on other financials, and as well as the overall market.    It seems whenever the financials find their footing, everything else will get a bid from the market participants.    This has been a concern for many of us because honestly, nobody knows when the financials are truly done going down.

For now and for today, we simply have to take this up day at its face value.    So we are up today and that's the end of the headline.   It doesn't mean anything about tomorrow or the state of our market.     Yes, we definitely sound like we are a beaten up bunch.    For what it's worth, we'd like to see a good follow through tomorrow.   A flat day would  also be a good thing in our book.     These days, an up day just doesn't count unless you are done booking all your intraday profit by 4 o'clock.     We are in a very oversold situation and the least this market can do is to go sideways with decreased volatility.    What we are looking for at the moment is to see if this market can absorb some bad news without people puking up anymore.    We know that there's going to be more bad news with regard to write downs etc., and  it's in this market's best interest to hold through at this level.    Funny thing is that we are merely a couple of big moves away from either getting out of this bottom or starting another leg down.    In either case, we as traders have to be clear headed and play only what this market tells us.

now some plays we are trading/looking at today...

RIMM/BIDU/AAPL, when market is up this much, it's almost a guarantee that these names are in play.    Even though these names have come quit a bit off their recent lows, they are still quite bit far from their recent highs.    Right now, we feel these names may need some help from the overall market.     Basically, if the market is showing strength, we'd feel no hesitation of jumping into any of these names.   Even when the market reverses, there's plenty of liquidity and time for us to get out.    These are good intraday trading stocks if that's the kind of things you are into.

GRMN, this one was punished a while ago because it's aggressively bidding for Tele Atlas.  It's no longer doing that now and holiday season is upon us.   According to many sources, portable GPS is one of the hottest items and these guys are simply the best in that area.   We are trading frequently on the long side with this name but will act according to the overall market condition.   

LFT, believe it or not, this is the Chinese play that had the "best" earnings reaction recently.   Now this isn't saying much because the entire China sector is pretty much being left for dead.   We just want to bring it to attention that we'd look to establish a position if things on the other side of the globe start to improve.

BIDZ, IBD play, IBD #2 debut, $22.50 high, lemon report, kaboom, ridiculous CC, possible fraudulent activity....   that's pretty much the order of business for this play the last 7 trading days or so.    Yup, we do live in a world that's full of twisted drama.   Fortunately today spells the end of BIDZ drama and there's no need to look at it anymore.