Surveying the Topography

The updated hourly SPY chart shows that after this morning’s thrust lower and reversal upside, a fairly significant battle is taking place as we speak. We have seen countless bear traps spring to new highs over the past few years. But if shorts can press  back under $185 they may have something to work with.

Overall, I am in wait-and-see mode this morning before pouncing on anything. Try not to get caught up in the exuberance of the bounces and the gasps of the swoons–This is all part and parcel of a corrective market. The larger issue is whether the tape can avoid a major breakdown here or instead at least stay rangebound and firm up.

___________________________________________________________________

One long and one short idea here in the same sector, depending on what we see out of the market today.

Into further weakness, I like TRLA as a short, down out of the bear flag highlighted on the first daily chart below.

And into a bounce, I like Zillow off its 20-day moving average for a quick trade long.

Which stocks are at the top of your watchlists this morning?

______________________________________________________

______________________________________________________

Here are some actionable short ideas on this list, especially if the market sees another day of weakness.

Courtesy of The PPT algorithm, here are some very aggressive ideas for short trades headed into Tuesday. If you are not comfortable shorting (especially in a bull market), there is nothing wrong with taking a pass. Keep those cover-stops in place.

Nonetheless, a good chunk of readers are always looking for short ideas.

Members of The PPT can click here to view and save this “Titanic” Screen, as I named it when I created it a few years back. The screen isolates stocks vulnerable to further weakness.

Please click on image to enlarge 

________________________________________________________

In addition to the ideas from my video market recap, TFM UPS are short ideas on further weakness tomorrow.

As far as long ideas, I am still not finding many, if at all, quality entries. UNG over $25.20 and CORN over $34 are actionable, though.

Drop me your top tickers overnight.

___________________________________________________________

___________________________________________________________

If you enjoy my blog posts and videos, then I would encourage you to please click on this 12631 hyperlink for more details about joining our great team of traders at a very reasonable price. 12631 is a trading service which @RaginCajun and I direct here at iBankCoin.

Enjoy tonight’s video, and enjoy your evening. 

Direct Vimeo Link Click Here

The happy little board game that the stock market has been for bulls in recent quarters appears to be turning stale, with bounces being sold and leaders taking the brunt of the pain.

Speaking of stale candy, the Candy Crush IPO today was a dud. While it is true that the FB GRPN IPO’s were stale a few years ago, too, the fact that the KING IPO was weak amid the speculative fervor of recent quarters is concerning.

If we see a gap down and reversal in the metals and miners tomorrow morning, I would consider a reversion long trade.

More after the bell on my video market recap.

See you there.

_____________________________________________________