WOW Huge dips!!! BUT DON’T BUY ANYTHING - YET

Read the post completely before you buy something!

Wow who wants (Caterpillar inc) NYSE CAT below $78?

Who wants (Conoco Phillips) NYSE COP below $82 after that block buster earnings?

WOW (Corrections Corporation ) NYSE CXW is around $28. What a great buying oppurtunity here? It reports earnings on Aug 6th. The Only time they missed estimates in the last three years was 2nd quarter 2005. Talk of something much cooler! BUY THIS ONE ANYWHERE BELOW $27.5. That's a screaming buy.

Steel has fallen off the cliff. When is it getting caught?

Nucor NYSE NUE has dropped, exactly 22% since June 1 st. Does it deserve that hitting and kicking in the butt? I'm not holding NUE now...will buy on some suppor. BUT this one in the steel sector has fallen the most of all. Did you listen to their earnings conference call? I think NUE is going higher. Look at the chart for yourself and decide whether to buy it or not. Oversold, bollinger broken, -36 millions (sold)accumulation, stockastic at .14. Technicals scream buy,buy, buy..but I'm holding a little more to catch the bottom.

Bottom Line: Most stocks are down and look like good potential buys. But they really are not YET. Hold on for sometime and get one of these at their bottoms. Keep away from the screens. Don't BUY ANYTHING - ANYTHING THIS WEEK, EVEN IF THE MARKET IS UP 200 POINTS TOMORROW. It's coming back again to 13300 by next week to take the resistance around that area.

Go to a beach this weekend and enjaay the sun.

Visit http://www.yanews.blogspot.com/ to have a little laugh with my news coverage.
Your Adarsh.

Latest Updates on the trades. COP, CAT, APA, MS, KOG

Initiated COP on Monday at around $86.5

Still looking for a better pull back in CAT to get in. OR did we miss that boat. Our order is lurking around 83 and change.

Bought a full position in APA on Monday at $85.2. Look at this article from one of the street.com writers. Guided to me from one of the stockpickr friends. This is a wonderful piece of work by Jubak

Sold off Morgan Stanley on Monday just below $73. Will start a fresh position after the sub prime clouds clear. Please stay away from financials at least for till the mid next week. DOn’t jump in even if you see a little upside from these level before the mid next week. That may be the OE expirations effect.

A major KOG limit order went off today, which I actually thought would never go off. (Was I lucky here….Looks so at least for today) The limit BUY order at $4.37 where the 14-3 day stochastic stalls went off today and the stock took off since then. Look for a good upside in the coming days. KOG position completed. Not buying even if it drops a little more. I guess this is the bottom. Did you get a chance to look at the conference information?I still stand by the initial comment that KOG is a stock that is worth more! Don’t press the panic button, please.

Rick, Diana, Alan, Kishore, Henry, Vishwa, Lee, Sandeep, Prashanth and Andrew hopefully you checked your email in the weekend and placed limit orders for APA, COP, KOG and MS. All the three would have gone by now. Congratulations. The next plays will be on GOOG, CXW, NYX and CAT.

On the earnings play we are not playing earnings on Google tomorrow, we’ll be looking to get rid of the few we own tomorrow on any upside. Do you recollect when we bought them? Our average is around 500. But we own only 50% of the position we wanted to buy.:(

Your Adarsh.

CAT’s going high, higher and much higher

After a downgrade, the stock comes back to the same price level within a week. Great sign.

Cramer loves it. Just said his new theory of $80 take you to $120 strategy.

CAT earnings call is on July 20th. Expect a run up. Get in tomorrow (not pre-market).