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Wednesday, August 20, 2008

Fast Money Recap 8/20/08 - CNBC Fast Money Stock Picks August 20th, 2008 - Jeff Mackie, Guy Adami, Joe Terranova, John Najarian

Fast Money Stock Picks 8/20/08

Jeff Mackie
Target TGT:
I don't think you can buy this stock yet

Guy Adami
US Steel X:
I like this stock
Boyd Gaming BYD: They squeezed out the shorts and now its back down
Target TGT: I think you can buy Target here...cheaper then Wal Mart

Joe Terranova
Coal goes higher, natural gas goes lower
AAPL, RIMM: I'm long Apple and Research in Motion until the end of the year
John Najarian
These stocks are working, stick with them

Gene Munster: Apple AAPL: The valuation is still to low for things coming in September with maybe Mac products. We count macs, iphones selling in stores and everything seems to be in line.s to be in line.

Dow Jones Technical Analysis 8/20/08 - Dow Jones Industrial Average Analysis August 20th, 2008

Yesterday ( 8/19 ) the DOW broke a key support of 11,400 on a closing basis. We will have to see what happens today ( 8/20 ). 11,400 on the DOW held several weeks ago and now has been violated. Look at the Dow Chart , It seems as though the next support levels are 11,200 and 11,125.

A break below these levels and we could go back to test the July 15th, 2008 lows of 10,827 on the Dow. Keep an eye on resistance levels of 11,698 and 11,867. If we close above these levels it will be very bullish.

For now you have to buy the dips and sell the we are still deep bear market. When we close above that 11,867 you might not want to sell the rips anymore but add on the dips. Closing above 11,867 level would be a nice trend reversal. and could be a signal that the July 15th lows are indeed the bottom.

This is a traders market....