From Ukraine with Love

News just came out that Ukrainian troops engaged the Russians on Ukraine soil.

The market spiked lower on that news, and I decided to act and hop back into the Russian short which I locked in last week before a snapback rally ensued.

Inside the 12631 Trading Service, I snagged the triple Russian bear ETF, RUSS, at $12.22. I have a stop below $11.60 and may day-trade it.

The straight-up Russian ETF, below, shows a 30-minute chart rally since last week which is now in danger of both a technical and news-related rollover.

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JCP is giving up its earnings pop this morning, and names like JD are reversing lower, too from potential breakouts.

Silver is placing too much pressure on the precious metals and miners, as the whole group slips lower.

GOOG NFLX are performing the best of marquee stocks, while AMZN FB PCLN TSLA struggle and lag the indices.

I see a sluggish, OPEX tape out there, overall, with quite selective pockets of momentum.

Our NBG long idea is still in play, though, as you can see the Greek bank basing well on its declining 20-day moving average this morning. Remember that this is a counter-trend trade, so keep a tight leash on it. Perhaps the European snapback rally has a bit more juice left in the tank.

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The following is just a small excerpt from my latest Weekly Strategy Session (please click on that hyperlink for details about trying it out). which I published for members and 12631 subscribers this past Sunday. 

Many European bourses have sustained serious technical damage this summer, namely the DAX in Germany.

On the weekly chart of the DAX, you can see a well-defined uptrend which has now been broken. Price is short-term oversold, though, punching down through the lower weekly chart Bollinger Band. Hence, traders should be on alert for some type of reflex rally overseas this week. But that is unlikely to reverse the damage done in recent months.

And headed into the end of summer another quality short setup may materialize. So keep Europe on your radar, going forward.

The FEZ ETF is another instrument worth monitoring, as the ETF tracks the performance of some of the largest European firms. 

On the weekly chart, you can plainly see the two-month correction has now rendered European stocks to be oversold and likely close to a bounce. Shorts should exercise patience and wait for a failed bounce before pressing again. Traders can play for a reversion bounce here with a stop-loss below last week’s lows of $39.14.

In terms of a notable positive divergence compare the GREK ETF for Greece versus NBG, National Bank of Greece.

With the Greek ETF took out its lows from earlier this summer last week, NBG did not. Hence,NBG may be setting up for a quick long trade, especially with the bullish reversal candle printed on Friday. Traders can place a stop-loss below last week’s lows of $2.96.

Overall, though, bounces should be sold into and are for agile traders only, with respect to European shares given the technical damage sustained this summer. 

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In the event we see heavily-shorted names squeeze again, here are some actionable long ideas.

Please click the screen shot below for a larger view of my “12631 FINISH HIM! SHORT KILLER SCREEN” inside The PPT. Obviously these stocks are going to have the highest percentage of shorts and, according to the algorithm, are set up well to squeeze further.

If this bull goes buck wild, this is a great idea screen.

Members can click here to view and save it.

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Let’s go with BRLI on the long side on further strength, with DNKN as a short setup on weakness based on their respective daily charts, below.

Drop me your top tickers overnight.

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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. 

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