Some more painful housing numbers were out this morning. The worst seems to be in the market is the prognosis. I said that before. They are saying it now. Its a wild guess. But such sentiments bode well for a sector that is beaten down, mutilated, crushed to death- 80 % down in some cases is not bear market territory -its the funeral ground. But I see some life in our pick DHI -we were in and out and in again at 13 last week. It is up to 14.70 today- will wait till 16.50, nothing less to close the trade. While no one was lookin I also sneaked in and bought some KBH -another beaten down home builder which has a strong balance sheet- that spells survival. This could be a long term pick - to build a long term portfolio from the trading profits is no risk... only reward if we wait patiently. So while I trade DHI, I will hold KBH for longer... my cost is 25.7 from yesterday. It rallied to 27.5 today with the other home builders. I am hoping for 30 + if not more if I wait.
OVTI- the company that makes cell phone camera sensor chips- is ready to break out. Actually in at 19- and its up to 24, I should be taking profits. But it has some positive news today -launching a new image sensor with anti-shake capacity. Anti-shake comes into play in low-light situations when cameras need a longer exposure time and therefore a steadier hand. When camera phones using the sensor detect the slightest camera movement, image stabilization will activate, the sensor will help to prevent image blur and the end result will be sharper images. It sounds good to me. So I figure those who read the news will buy today and shorts will run for cover- love it when that happens to a stock I own. The technicals show no resistance to 27.7 I think. So am safe with this one. Selling at 27 -this week. Ha. Lets see.
Rest is okay. Dow 14100 almost yesterday was stellar - and I think we peak before we pullback. Wont be surprized if we go up steadily every day... If homebuilders are bottoming and financials are feeling more comfortable tackling the subprime messes in their stride... and technology ceos booming and global demand intact.... whats not to like.
Yay... I am happy with my 30th consecutive post... got my confidence back and hope the few readers of monas market psyche made some money... Be in synch with monas ink... it wont be tough no more.
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