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Any Long Trades in March

March 10, 2008 12:34 AM

Keep in mind that my outlook on the overall market is very negative for March and any positions taken long should have hard stops where I say. At this point, any long positions on VLO, XOM, and MON would be countertrend trades hoping a specific price point will hold or at least provide a one time sharp bounce. I just wanted to point out to not go against my advice when I say exit a stock at a certain price. My “posse” of readers will recall that I said to exit or short JPM if it cleared $42.01 (currently $37.56), to sell or short XOM if it cleared $89.04 (it fell to a low of $77.55 before reversing), to sell or short AAPL if it cleared $176.99, etc. etc. I also said to short Apple at $200 with a hard stop above $202.96 on Dec 28th, but that was a different type of trade. The countertrend trades are the best BUT far better if there is a recent reversal point so trades long on VLO, XOM and MON are not my favorite trades here. But my readers have interest in those stocks, so I wanted to provide insight into what I see on them.

If it clears my points, exit and wait until I give another price or move on to another better stock. There is always another trade or another stock. Patience and discipline.

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