Not much to do today amidst the wild volatility. RIG followed through nicely on yesterday’s strength. Not using a stop-loss because the position size is so small and most of the selling pressure is behind the stock. Eyeing some other cheap names in the meantime as we have a hoard of cash at our disposal. I must say, I like McDonald’s (above) with its breakout above the 50 on volume (big green bar on bottom right) and its hefty 3% dividend. Needless to say, it is a best of breed company with strong pricing power and diversified menu for the harsh economic times. Who doesn’t like the dollar menu? However, patience will still be the prevalent theme here.
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