It’s been an interesting November so far.  I see a lot of red on my screen, but its interesting to note that many stocks are holding up relatively well given the weakness…

Focus Media is making new highs and while volume is a bit light, the stock is higher in front of a secondary offering that will likely price tomorrow. Higher prices in the face of additional supply should turn some heads.

China Medical has paired most of its losses and is sitting right on Monday’s breakout level.  Earnings are still a few weeks out, and the stock could easily rally into that report.

I added to my position in MF Global today after it tested the 50 day on Thursday and turned around to trade much higher mid day today.

On the other hand, Under Armour is not holding up well and will likely test support at $53.  If this level does not hold up, we will likely see 50 very quickly and then 45.  While I don’t have enough short exposure right now, this position is helping out a good bit.

The trend line on WuXi is still in place and a break above $42 would touch off a lot of buy orders when and if we get there.

My feeling is that performance anxiety will still drive the markets higher as we approach the holiday season.  I will be keeping a disciplined risk profile, but I don’t see the bulls giving up the fight just yet.  There are many macro issues that will be difficult to work through and may negatively impact our markets.  But I anticipate this being a 2008 theme and expect us to be relatively steady throughout the rest of the year.

Not always right, but I will let you know what I’m thinking.

Enjoy the weekend!