With the DOW closing below 8,000 for the second time this week, I decided to take off a few more longs at the close. I still own GOOG & my baby solars, but that’s it.
Right now the transports are barely holding on, and I will continue to watch for a breakdown around 2,900. (XLF) Financials also appear to be breaking down and could get ugly any second– which lead me to take my loss on FAS at the close.
Things do not look good for tomorrow, I would not be surprised to see a sub 300 day. In my watchlist video I outline a bunch of bearish setups, watch for those to play out well the rest of the week.
From the video:
- SRS, looks good here with continued strength through 61.50.
- USO, CVX, APOL, AEO, ADM all appear to be great shorts on further weakness.
- Watch gold here, I like it above 910– think “EGO” if gold breakouts here.
Tomorrow will be interesting, stay tunned.
If you enjoy the content at iBankCoin, please follow us on Twitter
Bought NEM @ $40 today… I like what I see in the gold push with all of the insolvency and potential BAC worries… A lot of those big gold names pulled back hard after running out of steam, and I think you’re going to see more rushes into gold over the next coming days. Friday is going to be interesting…
ZM
RC
you see a h/s on FAS?
if completed target $4
RC,is it good time for FAZ???
i owen SRS again today..holding over night
THOR looks like it could be in for a drop if it misses tomorrow…
I like the analysis RC. It does look bearish, but no telling what kind of fuckery the government comes up with next. I too like Gold. Picked up some GLD yesterday
RC, do you follow MELI at all?
any thoughts..