Mike
08-16-2011, 04:25 PM
The major indices arrived near 38.2% retracement and seemed to stall this morning. Preminary volume shows distribution even with the afternoon push upwards. I have been waiting for a rally and stall.
This may or may not turn out to be the place but I layed out two short probes in RAX and LVS. I will stay with these under two conditions, they stay below yesterday's highs and the market does not resume the rally. LVS is between the 50-day below and 200-day above. If it breakes below the 50-day in the coming days I will double down.
Other potential short positions being watched: SOHU, SINA, FNSR, BIDU, NOG, CRUS, GOOG, CTRP, FTNT, POT, MOS, AMZN, PCLN, ISRG, FOSL, TPX
In the meantime I have GLD and DGP gold long positions from well below.
This may or may not turn out to be the place but I layed out two short probes in RAX and LVS. I will stay with these under two conditions, they stay below yesterday's highs and the market does not resume the rally. LVS is between the 50-day below and 200-day above. If it breakes below the 50-day in the coming days I will double down.
Other potential short positions being watched: SOHU, SINA, FNSR, BIDU, NOG, CRUS, GOOG, CTRP, FTNT, POT, MOS, AMZN, PCLN, ISRG, FOSL, TPX
In the meantime I have GLD and DGP gold long positions from well below.