Market Chasers

My plays today and my thoughts going into the first week of next year: December 30th, 2008

December 31, 2008 – 1:36 am

Here are the two plays I made today, beside getting stopped out on ESI:

Long AT&T (T)

Short Market Vectors Gold Miners (GDX): This has been one that I have been watching for a long while. It has finally reached a strong resistance level.

As far as trading, I think I am done as far as this year is concerned. Tomorrow will be a shortened trading day I believe, but my stops are in place. I may be around from time to time to check up on my position, but nothing major. The market is has been showing some strength the past few weeks, something I am astonished about. Perhaps this is due to light volume, but January should provide some fireworks.

For those who are interested in trading in 2009 with low risk, CNBC has stated something that I actually agree with for once. Trade the consumer defensives, drug companies and logic macroeconomic companies that benefit in an economic downturn. Selling the rips and buying the dips is a strategy you must implement, as the buy and hold theory is dead for a few years. A list of a few companies I am referring to are: Walmart, Johnson and Johnson, Procter & Gamble, Mcdonalds, Altria, Schering Plough, Astra Zeneca, Merck and Costco just to name a few. You get the idea right?