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Steel Stocks Looking Weak, A Few Other Short Possibilities This post will be short because I see very little on either side of the market right now. We're in an environment where limiting trades is probably a good idea and taking profits when you have them in probably a good idea as well.

State of the Market - 5/19/08 Kind of a boring open today for the stock market, but that didn’t last too long. The indices popped higher about 15 minutes into the session and did nothing but rise throughout the rest of the morning. This action put the Dow and S&P 500 over their 200 day moving average, joining the Nasdaq.

They took me by surprise today but I was able to jump on the train for a couple of nice trades. When FNM puked up some bad news and the market started to act teflon it was time to take a nibble. I caught USB and HCBK near the lows for a couple of nice trades. As you know I think the XLF is do for a rest but the opportunity presented itself.

CHNR- I posted this one Sunday night looking for a breakout at $23.50. Yesterday the stock broke out and traded as high as $25.27. It ended up closing the day at 24.61. Hopefully we will see a continuation. Next target 26,50 then 29. The sector is cooperating so let's see what this one can do.

I caught some trades in the morning with CHNR long and a little Citibank short but had difficulty trading EJ. That stock always starts strong and then gives back. I have it on my radar because one day I will reign victorious.It really does look like it wants to go, maybe with a better market.The financials were a bit weak as I thought and I am watching the next move out of that group.

These stocks are up in price and up in volume by: MVL +682% EWI +643% UFPT +570% VISN +523% CRY +416% CLR +408% STEC +329% WLT +325% CHNR +275% HAIN +247% MPEL +177% ENG +167% EXM +167% MELI +163% PCCC +157% MORN +140% AMRI +148% MTRX +117% PRGN +116% SM +104% OMCL +96% TGI +84% HERO +66% SPN +56%

Copper is hitting all time highs which is good for PCU and FCX in pre market. I think we are do for a giveback in the market this week and will be looking at more shorts than longs. YHOO is getting crushed as expected and MSFT is up about a buck. The financials could come in a bit this week and it is a light week for economic data.

Here are some charts that I will be watching this week. There is a brief comment on each one. Please click on the chart to enlarge

With the Chinese market showing signs of life, some old favorites come back into play. This could run if it breaks through $23.50 on good volume