“Out of the big 3, Ford’s in the best position,” says Fitzpatrick. He notes that the stock couldn’t clear $4 – it barely cleared $3 – so watch out for sellers trying to get out of positions the next time the stock goes up toward that level. Fitzpatrick advises staying away from Ford’s common stock altogether. “Buy a Ford, but don’t buy Ford common stock,” he says.

This big 3 bank had a big dip recently, but Fitzpatrick warns that it’s not a cause for buying. “Citigroup’s not a Clint Eastwood trade where we’d expect it to rally higher,” he says, referencing the star’s famous line (“Do you feel lucky?”) Instead, Fitzpatrick recommends looking at American Express (AXP) or Mastercard (MA).

Last week, Apple was the number-one searched stock on TheStreet.com, but again, Fitzpatrick warns investors to be wary of this one. He notes that the chart is in a bearish configuration. He notes at some point it could be a buy, but “it’s a downtrend maybe even Stevie Wonder could see.” If you really believe in Apple, he suggests putting a stop at $80.

PPG Industries is a manufacturer of chemical products, an industry that Fitzpatrick is bullish on for 2009. While the stock looks like it’s formed a double top, a potential sign of a resistance or price level that the stock has trouble passing, Fitzpatrick says there’s nothing to say that the stock can’t go up just as easily as it can go down. “Buy below $40 for a long term investment,” he says, “if you’re trading… trade something else.”

Right now, Costco is right at its 50-day moving average, the line that charts a stock’s average price over the trailing 50 days, which to Fitzpatrick suggests that the stock has turned the corner. “I’d be buying some on some kind of weakness when it retests its November low,” he advised.

Another potential stock that could benefit One play from Obama’s infrastructure push is Cisco Systems. Currently, Cisco is at a multiyear low, which, according to Fitzpatrick, makes it a very easy trade: “As long as Cisco stays above $14.20, then this bottom is holding up. It’s a classic reversal. I’d be a buyer right now. Keep a stock, and watch Cisco go up.”

Right now stochastics, an indicator of a stock price’s momentum, look oversold, which is fine according to Fitzpatrick. IBB is at resistance right now, meaning that it’ll have trouble breaking through its stock price’s current ceiling. With this stock as volatile as it is, don’t rush out and buy it – set a price alert around $65, and buy when it gets to the low $60s.

Exxon Mobil’s going with the bears right now. The stock has a rising wedge pattern, a sign that the stock’s downward prices could be interrupted, but Fitzpatrick notes that rising wedges usually resolve to the downside. Wait for big volatility to take a new position.