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The Daily Stock Picks Newsletter 21 Oct

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October 21, 2008, Tuesday Evening

Surprise, surprise, the market sold off.  So we still can’t get any traction more than a day and now we are entering a dangerous time for the market if it continues to sell off.  My best guess is that the stock market goes through a process of bottoming while not breaking the October 10th and October 17th lows in stock prices.

The oil and gas sector had a little follow through this morning while most other sectors drifted lower.

AAPL had earnings after the regular stock market closed and moved up 13 points after falling $6.95 during the regular market.  This could help the market open up a little tomorrow but it is doubtful it will little lasting effect, considering the all stocks have sold off with good news or good earnings

We are in a holding pattern at the moment while watching the current intermediate stock positions and seeing if they hold without dramatically selling off again.  So we are in a monitoring mode for now.

Have a great day and I’ll talk to you tomorrow.

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