As much as I want to get long a few names here for a bounce here, I can’t. The leadership is gone, and the only thing holding the market up is the 200 day Moving average. A break below that will send the market into a selling frenzy, so watch your longs.
The only short exposure I have at the moment is [[FAZ]] , but the way things are shapping up, I expect that to change. On the long side today, Level 3 Communications, Inc. [[LVLT]] is acting well, this is one that I own and I’m looking for a breakout soon. Fifth Third Bancorp [[FITB]] is another one I own and is sitting on the 50 & 200 day MA, I’m looking for a bounce here or I’m cutting it loose.
I sold out of [[CNXT]] this morning and took a loss on the position, I plan on cutting a few more, but will wait for the end of trading before making any decisions.
Note: all buys and sells can be found in the community notes inside The PPT.
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In ERX with Fly @ 24.51. Also, LVLT looking good.
What index are you talking about for the 50 day? Also would you be looking to short more stocks here or to look for a break of the S&P below the 200 and fib retracement of $886? Do you consider the individual stock indexes when shorting stocks? For example, if you want to short a stock on the nasdaq, do you look at the overall nasdaq chart to try to find a breakdown in the overall index before shorting individual stocks in that index? Thanks!
Hey Keith,
that was my fault on 50, i meant 200. When looking for shorts, I typically look for the sector that is breaking down and try to find the best look setup on an individual basis. So yes, I will use an index to confirm my short.
Ok thats what I thought, low bounced right off 200 day today. I am thinking of shorting a few names but not sure if I should now or wait for a confirmation that we close below the 200. We do have falling tops now which is pessimistic and a break of the upward trendline last week. I’m staying neutral and looking to short. Is it good to wait for a pull up before shorting again or jumpin on the train now?
So you were talking about short setups in oil related fields, and then you buy ERX?
Whowhat, I understand your concern, but one thing I have learned in my life is to never bet against the Fly, thus ERX buy.
we have lots of issues in usa right now..we cant expect any rally….
indeed.