Just as I suggested last Wednesday night, the markets sold off from overbought areas. Unfortunately it also means that my pick DRYS also had a bad failure. Once again more time is needed. This bear market behavior may take some time to work itself off and selling to exhaust itself. Bad news seem to find no end just as the word "recession" is being mentioned more and more. I for one don't think that recession or this market sell off is such a bad thing. It's a normal market cycle that will also end eventually. When it does, a new bull market will begin. Patience is also a skill most traders have to learn.
Tonight's pick is RIG. This company is in the oil sector and is one of the better movers. Now that oil prices are going through the roof, this could be a winner. The markets also have to do their part of course. Buy point is somewhere north of $145 on good volume. Remember that this stock's action is not only tied to the market but also to the price of oil.
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