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Play Editor's note: I was extremely tempted to add new bullish positions today. A lot of stocks have been crushed back to long-term support levels or significant bottoms. However, if a coordinated, six-country rate cut can't sustain a market rebound then what will? Stocks don't go down in a straight line for too long and will eventually see a sustained rebound. Valuations will eventually get cheap enough that people will choose to step in. Unfortunately for the last couple of weeks everyone has been waiting for someone else to be the first person to step in and buy the dip. I'm going to list a few more stocks to watch or stocks that are near significant support levels. Aggressive traders might want to study these in more depth.

FRO: This is a major shipping company. The stock has tested its January 2008 lows and bounced. Volume was twice the norm. Normally this might be a bullish entry point. Unfortunately if the world does fall into recession then FRO will probably keep falling. Watch the $30.50-30.00 zone as a possible entry point. Suggested stop loss at $28.75.

PFE: This drug giant is testing support in the $17.00-17.15 region. If it breaks $17.00 it's probably going to $15.00. The Point & Figure chart is forecasting an $8.00 target.

HWK: This stock is testing significant support around $15.00. Today's bounce failed but it's worth watching. Longs could use a stop loss under $14.85. Bears might want to go short under $14.85. Be careful. This stock doesn't have a lot of volume.

WGO: This company makes recreational vehicles (RVs). Personally, I think the RV market is doomed with the coming peak-oil crisis. They might see a rebound next year in 2009 as oil and gasoline prices fall but long-term it could be bleak. Right now WGO is bouncing from its July lows and today's session has produced a bullish reversal candlestick pattern. You could buy this bounce with a stop under today's low. Target $14.75-15.00 ($13.00 for the more conservative trader).

ARM: This auto-related stock is testing significant support.

WNC: The short-term trend here is very bearish but the stock is testing very long-term support in the $7.00-6.80 region. There is an opportunity for longs or shorts depending on what direction is moves next.

TRA: Some of the fertilizer and potash stocks look like they're trying to bottom. Aggressive traders might want to go long on a move over $22.00 in TRA.

KSWS: This shoemaker is bouncing from support near $14.00.

BWS: This is another shoemaker that is bouncing from long-term support near $12.00.

ZEP: Here's another stock bouncing from significant support near $14.00.

ARA : This paper producer has been absolutely crushed over the last few months. Volume in the last four days has been astronomical. It would be tempting to buy it now. However, I am suggesting readers look for a dip near $12.00 with a stop loss under $11.50.

MSFT: We're still watching MSFT for a dip near $22.00. I'd be watching the $22.25-22.00 zone with a stop loss under $21.45.

CSCO: We're still watching CSCO for a dip into the $17.25-17.00 zone with a stop loss under $16.80.

PETM: Looking for a dip near $19.00-18.75.

New Long Plays

None today.

New Short Plays

None today.

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