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Rick's Picks for: 6-12-2008

Hello, This is Rick Owner of Hit and Run Candlesticks "Trading For Profit"
Below are a few stocks picks for Thursday and a few thoughts on the market.
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William: Sold option on psun, small investment for 125%

Dennis: Just sold half my position in PSUN for 300% profit!

Rick: Sold 1/2 PSUN & NTY at the highs, closed the 2 positions at the end of the day

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Bud 
S&P-500

We didn't have to wait very long after the market opened to see that we were headed down further. It looks like 1327 is the next target to the downside, if we break through the 1327 area we stand a very good chance of testing March lows.  The market is starting to get oversold.  So we could see an oversold bounce any time now.  Keep your eye on the 13 exponential moving average on the 60 minute chart, we need price to move up past the 13 exponential moving average and drag the 3 exponential moving average a cross the 13 exponential moving average creating some upward momentum.
The T-Line is trading below the 34 exponential moving average on the daily chart creating a downtrend.  At this point any up move should be considered a short-lived rally. Take profits as their handed to you.




Now that we have had a SWING HIGH it is time to start looking for buy signals.

There is no doubt this is a traders market and you need to be ready to shift gears in a blink. In the Hit and Run Candlesticks Trading Room we constantly take profits to keep from getting caught holding the empty bag.
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Rick

SP 6-12
Investing and Trading involves significant financial risk. No communication should be construed as financial or trading advice. All information provided is for Educational Purposes Only.