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Oversold Charts – Lots of ‘em

October 12, 2008

I spent a good amount of time this weekend trolling for charts and other indications of anything that looks even remotely healthy to buy. We added a few positions to the TDI Managed Growth Strategy on the open Friday morning which worked out very well.

Now, if we have a follow through, there is some hope that we could see some retracement for a few sectors that were harpooned and left for dead.

The first set from StockCharts.com is the S&P Sectors. The second is a further drill down to industry groups.

Right now it is a toss up and we will be watching carefully for breakouts. Just some food for thought to get the strategy and trading juices flowing before the market opens… Any thoughts?

(Click to enlarge to get a better view)

2-month charts S&P Sectors

6-month charts – S&P Industry Groups

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Disclosure: Horowitz & Company clients may hold positions of securities mentioned as of the date published.

Written by Andrew Horowitz · Filed Under Gameplan, Long Ideas, Markets 

Comments

2 Responses to “Oversold Charts – Lots of ‘em”

  1. Jonathan Lawson on October 13th, 2008 1:47 am

    I’d love to see some of these rally, so can sell them again.

    My longs – The XLV (healthcare) has been wacked, but the fundies of the industry seem somewhat recession proof. XLE has been destroyed, but heck oil is still $80/barrel. I got long the XLF and a few select financials in expectation of a do anything approach of the Worldwide Governments, even though dilution is imminent.

    The BTK also seems ripe for a number of takeovers by the large Pharma companies.

    Trade well and enjoy the rally, but don’t overstay your welcome.

  2. The Wallet : Loose Change: 10/16/08 on October 16th, 2008 9:33 am

    [...] see if there’s anything that looks juicy enough to buy. The answer is a festival of charts. [Disciplined Investor] -The Dow and the S&P went diving yesterday. And they took the hopes tied to the crazy rally [...]

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