Market overview
I’ve traded a lot and haven’t updated the journal for individual trades. For the first time this year, I find my self entirely on the short side. But like buy strength on longs, I’m selling the weakest stocks short.
But first some index charts
VIX: RSI – piked up support — look for a run to the green line
Biotech: Earlier this month, and most of this year biotech were strong. This week my biotech trades did not hold breakouts and I was repeatedly stopped out of them.
BIB, The index although one of the most bullish sectors got its breakout rammed back down. If there’s a positive it would be the that the volume is diminished. This could start an avalanche and really get going to the down side.
IWM:
TRANSPORTS:
Transports have been weak for most of this year I think the move below the RSI support line and failed rally up to 10week and RSI line is an ominous signal.
ENERGY:
The phrasing continuous– volume still strong but not blow capitulation strong.
Financials: I have no concerns yet with this sector– It appears to be the pocket of strength sure it was down on the week but is holding the 20 day. Bullish trades probably can still be found here.
Individual shorts:
GMCR:
This stock is massively wounded
FWRD:
Struck hard on high volume
Should continue to drip
entry 48.64
RPD:
entry 17.08
Blowing out the bottom on the longer scale
ATI:
See original article:
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