Ouch! Big Drops, New Plays
It is definitely a bear market and even the energy sector is dropping like a rock with oil at $144. Fund managers are selling their winners and boarding up the windows and doors for what could be a nasty summer ahead. The coal sector was hit especially bad today with CNX losing $16 and taking the rest of the sector down with it.
In times of market stress we always have the potential for some good entries as well as the potential for getting stopped out of existing ones as we were with BP today.
The list below is the changes in our portfolio today. Only two stocks were up. Those that were down were extending losses from the last two days. It has been an ugly week.
I am also adding some plays to the watch list this weekend and I am listing them below so readers can get an early entry if they so desire. Several of these stocks were hit really bad today and possibly we will see it again tomorrow. In a bear market the good is thrown out with the bad and it is our job to sift through the rubble and find those missing gems.
BP -2.63 ** Stopped @ $66 **
COP $90.50 trigger at $90
SD $65.92 trigger at $60
Adding to the watch list this weekend
MOS $130.42 Adding with a target at $125 this weekend
FLR $179.73 Adding with a target at $175 this weekend
FXI $125.47 Adding with a target at $120 this weekend
ANR $87.62 Adding with a target at $80 this weekend
TS $68.94 Adding with a target at $65 this weekend