Date updated:08-14-2008
"If the momentum traders are to be obeyed -- and I think they have to be, short term -- you have to do what I hate to do and sell the rails, sell all of them because this is Day 1 of the selloff, and they never stop selling them once they are broken." - Jim Cramer

-
DVN
Devon Energy Cp ( - $68.59
- +1.84%
- $68.10
I wish I had listened to this kind of momentum nonsense when Devon (DVN) was at $123 and National Oilwell Varco (NOV) at $92.

-
NOV
Natl Oilwell Varc - $44.08
- +2.46%
- $43.73
I wish I had listened to this kind of momentum nonsense when Devon (DVN) was at $123 and National Oilwell Varco (NOV) at $92.

-
CSX
C S X Cp - $48.82
- +2.82%
- $47.86
Once the momentum guys turn -- and they are turning on CSX (CSX), Norfolk Southern (NSC), Union Pacific (UNP) and Burlington (BNI) -- they just don't stop. It is terrible to have to sell down 4, but the pattern has been that there is another down-4 day coming tomorrow, and then another, and then still one more ... punctuated by a plus-2 in the middle.

-
NSC
Norfolk So Cp - $52.35
- +1.85%
- $51.66
Once the momentum guys turn -- and they are turning on CSX (CSX), Norfolk Southern (NSC), Union Pacific (UNP) and Burlington (BNI) -- they just don't stop. It is terrible to have to sell down 4, but the pattern has been that there is another down-4 day coming tomorrow, and then another, and then still one more ... punctuated by a plus-2 in the middle.

-
UNP
Union Pacific - $64.33
- +1.69%
- $64.01
Once the momentum guys turn -- and they are turning on CSX (CSX), Norfolk Southern (NSC), Union Pacific (UNP) and Burlington (BNI) -- they just don't stop. It is terrible to have to sell down 4, but the pattern has been that there is another down-4 day coming tomorrow, and then another, and then still one more ... punctuated by a plus-2 in the middle.

-
BNI
Burlingtn N Sante - $98.46
- +0.16%
- $98.36
Once the momentum guys turn -- and they are turning on CSX (CSX), Norfolk Southern (NSC), Union Pacific (UNP) and Burlington (BNI) -- they just don't stop. It is terrible to have to sell down 4, but the pattern has been that there is another down-4 day coming tomorrow, and then another, and then still one more ... punctuated by a plus-2 in the middle.

-
GS
Goldman Sachs Grp - $167.63
- -1.20%
- $171.25
The market's obviously pretty dysfunctional here, but when you see this kind of selloff in stocks, you have to respect that it's just beginning, not ending. I would sell the rails, which have been favorites of mine. I would be a buyer of the two financials that are getting killed today, JPM and Goldman (GS), and after selling some Morgan Stanley (MS) for Action Alerts PLUS, I am looking to rebuild that one lower.

-
MS
Morgan Stanley - $31.52
- -0.19%
- $31.77
The market's obviously pretty dysfunctional here, but when you see this kind of selloff in stocks, you have to respect that it's just beginning, not ending. I would sell the rails, which have been favorites of mine. I would be a buyer of the two financials that are getting killed today, JPM and Goldman (GS), and after selling some Morgan Stanley (MS) for Action Alerts PLUS, I am looking to rebuild that one lower.
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