The indices were down with the Nasdaq leading the way down on increasing volume. While damage to the Dow and S&P was not substantial, the Nasdaq Composite failed to match the previous highs. It also failed to hold the 20sma and was down further after market along with semiconductors. We'll see if the jobs report brings in buyers tomorrow or if there is a follow through day to the downside. Here are a couple short ideas in case the weakness intensifies.
NewMarket Corporation (Public, NYSE:NEU)
I highlighted NEU a couple nights ago and it is still in a decent spot. If the rising wedge is valid then there is a long way to correct for NEU.
Lehman Brothers Holdings Inc. (Public, NYSE:LEH)
LEH had a shooting star (like much of the market) at resistance. If it falls out of this triangle then a trip to the mid 60's is quite possible.
Freddie Mac (Public, NYSE:FRE)
FRE had a nice bounce from the lower band to the upper band and failed pretty miserably. There is now a lower pivot low and possibly a lower pivot high confirming a trend change.
Good Luck,
DT
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