My PI Day stock pick to watch for next week is SDS. With a massive rally in the past week we are in overbought territory on a short term basis, so if we continue to rally it may be a good opportunity to pick up some SDS for a short term trade. I will be setting my limit to buy SDS around 82 a share and set a tight stop loss about 80. I am hoping this rally continues and has legs, but unfortunately I am very convinced we will retest the lows.
As we now know we did end yesterday up, after being down as much as 1.1% mid-day, so the trend for Friday the 13th trading did continue making now 7 out of the last 11, going back to June 2003. We wont get another Friday the 13th trading day until this November, so we'll see if we can keep it up then.
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