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Stock Comments: CHK, AEM, AAPL, XLF. Financials Are “Lead Dog” Today

April 1, 2008 5:04 AM

Nothing has changed on most stocks I have discussed recently.

 CHK is long above $42.15. I said CHK was likely to trade sideways between $44 and $48 for an extended period. It has been in that range now for 6 trading days. I would rather be long a little cheaper here as it likely will have an issue in the $48 range again.

AEM: AEM is not out of the woods by any means. It has to hold $63.99 or it will spike lower, IMO. An easy trade would have been to short it once $70.25 cleared, but that would have been just  trade. It should attempt to hold that number here. But as mentioned, these stocks will trade with gold and inverse to the dollar, to a large extent. i still believe that commodities are rolling over, to some extent, and caution is in order on that sector, near term.

AAPL: I still would rather buy Apple cheaper here. I am not a fan of it this high as the easy money as been made and there are PLENTY of people with their finger on the “thank you I am OUT even” button up around $160-$170. There is no reversal yet, but the strength does appear to be waning a bit. I had called the long on Feb 28th and was negative on this stock for several months.

XLF: Financials could lead the market higher today. $24.41 is likely to hold today. The ISM could dictate direction today. If that cannot take us down, then it should be difficult to clear that number today and traders are likely to trade financials long today. This could be a tight range however as it will have an issue near $27.

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