Stock #Market Recap 09/05/14 {Video}

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Enjoy tonight’s video, and enjoy your weekend. 

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Be sure to stick around after the bell today for a brief (and rare) Friday video market recap where I discuss a specific type of technical setup across the asset classes.

See you there.

The small caps triggered and basically hit the measured move of that little head and shoulders top we looked at for this week.

On the zoomed-out look, note the busted rising channel dating back to August.

We have seen a common trap during this bull market time and time again–The false breakdown which sprints to new highs. Will the small caps follow the pattern?

I doubt we get a clear answer today. But it sets up another high stakes battle next week.

This afternoon, some speculative froth is popping up again in the likes of MBLY.

My TBT position is flipping green, as bonds gave up gains from this morning’s jobs report.

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I took off the rest of my PCLN short inside 12631 after my earlier post this morning. The stock is now very quickly oversold, and I am not looking to get too greedy into the weekend. I also covered the rest of my WYNN short for similar reasons, both for wins.

I covered a NKE starter short position for a about a two-point loss, too.

Although the market is staging another textbook V-shaped rally off the lows today, I still think the overall action in the large cap biotechs is not particularly constructive, so will hold onto my BIS starter.

As far as longs, I am still long DISH and JO, with a small profit cushion on each with my core entries there.

What are you trading today?

Courtesy of The PPT algorithm, here are the most current top five readings from my “12631 RELATIVE STRENGTH” custom-made screen, identifying which stocks are exuding some of the best performances to the market at-large at any given moment.
I look for stocks whose Daily PPT Hybrid Score surges, while the Weekly Hybrid has been negative over the past week. This can often yield stocks which are emerging from consolidations.

Members can click here to view and save the screen.

Sorted for at least 500,000 shares of daily average volume to ensure liquidity.

Please click on image to enlarge.

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While shorting individual biotechnology stocks has been brutal, generally speaking, for bears in recent years, I went long BIS  (the ultra-SHORT biotech sector ETF, purchased yesterday inside 12631).

We had some success playing this instrument during the correction bitoechs suffered in the spring.

And with the IBB, sector ETF for the bitoechs, putting in a weekly bearish engulfing candle (for this week, it appears), I am betting on the weakness in the likes of GILD today not being an isolated event.

I went long BIS at $12.41, playing for IBB to at least crack its 20-day moving average before I add to the BIS.

My stop-loss is a move below $12 on BIS.

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