Comerica (CMA)

CMA Weekly Chart

Comarica (CMA): Bought Jan 09 Put on the expectations that it will challenge the previous low after breaking its rising flag pattern. Support 20/11. However, the 10% gain in DJI may change this scenario now.

Underestimating the down strength

I always underestimate the strength for a particular move. It's never perfect for me in managing my trades. I'm currently having a light position to the downside. How low will it go before a rebound? I think that this next downside move will not be so strong as compared with the one in early October. The ratings for various sectors remains:

USA	Longterm	Midterm	Shorterm
S&P500	Down	Down	Down
DJI	Down	Down	Down
Nasdaq Comp	Down	Down	Down
AMEX Natural Gas	Down	Down	Down
AMEX Oil	Down	Down	Down
AMEX Security Broker	Down	Down	Down
KBW Bank	Down	Down	Down
KBW Insurance	Down	Down	Down
PHLX Housing	Down	Down	Down
PHLX Shipping	Down	Down	Down
Sig Steel	Down	Down	Down
S&P Retail	Down	Down	Down
AMEX Biotech	Down	Down	Down
AMEX Airline	Down	Down	Neutral

Rollercoaster Week

Up and down, up and down. What a week. The market looks like it has stabilized a bit. Most blogs are calling for the bottom and a rebound towards the end of the year. I think that we should have one more leg down before any meaningful rebound will happen. Why? The banks looks more vulnerable now and I think that the next sell down will be led by the banks.

The reading for various US sectors are:

USA	Longterm	Midterm	Shorterm
S&P500	Down	Down	Down
DJI	Down	Down	Down
Nasdaq Comp	Down	Down	Down
AMEX Natural Gas	Down	Down	Down
AMEX Oil	Down	Down	Down
AMEX Security Broker	Down	Down	Down
KBW Bank	Down	Down	Down
KBW Insurance	Down	Down	Down
PHLX Housing	Down	Down	Down
PHLX Shipping	Down	Down	Down
Sig Steel	Down	Down	Down
S&P Retail	Down	Down	Down
AMEX Biotech	Down	Down	Down
AMEX Airline	Down	Down	Neutral (+)

SunTrust Banks (STI)

STI Weekly Chart

SunTrust Banks (STI): It gave me a sell signal a few days back. Looks like it has broken it's rising flag formation. Bought Jan 09 put.

Textron (TXT)

TXT Weekly Chart

Textron (TXT): An oversold bounce play. May have found support in the 15-18 range. Best rebound scenario is to 30.00. Bought Dec 08 Call.

Gold Shares ETF (GLD)

GLD Weekly Chart

Gold Shares ETF (GLD): Looks like the rising triangle has been broken. Is gold breaking down like all other commodities? Bought Jan 09 Put.

Agrium (AGU)

AGU Weekly Chart

Agrium (AGU): At oversold position. At possible support. Can it rebound? Resistance: 50/60/75. Bought January 09 Call.