Stocks were oversold today and bounced. Call it Greece, PIGS, (Portugal Italy Greece Spain) whatever you want, but actually the S&P (UPRO) seems to just be bouncing off the 200 day moving average, proving once again that we are dominated by high frequency traders and prop trading!(Just a theory) The S&P osciillators were extremely oversold as well. Terex had a particularly good day today up 11%, so the timing was fortunate for the purchase we made last week. (See: portfolio – TEX). Also bought 50 shares of FWLT before the close. They say not to buy on strength but on weakness. Well, it was only up 2.66% (which is nothing for its’ beta) and is so oversold that it is near its’ flash crash levels. Let me remind you that it just reported a solid quarter during this sluggish time in the market. Revenues came in a little short due to some timing of contracts (not a bad thing in my opinion) and profit surged 77%. Looking to buy all of our selected stocks on any dips until we break the 200. Maybe this is the time folks!
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