Pre-open 08-08-2006...

FED, FED, FED, that all there is to worry about today. Personally, I am banking on a pause, only because I think the market reflects that expectation and a hike could send everything spiraling. I'll find out tomorrow.

I do think there may be some upside, especially with well-chosen stocks. The FRK trade last week was not well chosen, but I have a few charts from those returned today. The script returned 196 and I like 13 (well close to that, I am having a hard time narrowing it down). The 13 are: GY, CEM, ROST, GPI, PEET, ARO, HNI, FRE, COO, SFD, AVP, LPX, and WFMI. Of those, I'm paying closest attention to: ROST, GPI, PEET, HNI, WFMI (1-day charts instead of the normal 3 month). They have the best looking charts with good upside:downside parameters. Also, most are consumer based companies and a pause may give them a pop. So positioning before the FED announcement will be critical.

As always, I'll post my trades (likely in the evening because I have far too much work to do this week), but if you are following the watch list, then you should be well positioned. I'll pray for the FED tonight and see what happens tomorrow.

For now,
Masterjaz out