Headed into Thursday’s session, we continue to look at a resilient, albeit perhaps lethargic, market. While we are expectedly seeing leadership and breakouts rotate and become increasingly selective as the rally becomes obvious and quite mature in the short-term, there may still be enough stubborn bears in individual stocks to fuel a few more squeezes. I am aware of the broad market sentiment indicators, and all of the statistics being thrown around about correlations and divergences which have frustrated top-down traders for virtually all of 2013.
But, here, I am referring to individual setups where numerous short-sellers are clearly out of position and praying for a broad market pullback. Specifically, the following three charts are all technically sound, ripe for further breakouts higher, and quite heavily-shorted to boot. Bears are out of position in these names, and if the broad market continues its resilience or even grinds sideways yet, I like these as long ideas to punish stubborn shorts.
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Hey that guy looks like my uncle…
lol