Disappointing day for bulls today as what looked like would be a soaring open when futures opened Sunday night on news that Spain was seeking a bailout, quickly vanished as the US market open came about.
I think for the most part, that this market has grown tired after registering its best week of the year last week, and for it to continue mounting gains day-after-day is quite difficult, and the fact that it lost momentum just below key resistance levels, leads me to believe that recent strength is more of a dead-cat bounce than anything else. To prove me wrong, the bulls will need to cross some key price levels first (most notably 1335 first).
As a result, I’ve added 2 new short positions to the portfolio and missed another that would’ve probably have been my best short of the day. I was waiting for stock to bounce but instead it continued to march lower. It happens!
Here are the trade I made today:
SHORT: Nucor (NUE) – Failing at resistance with a bear-flag pattern on the weekly chart – shows up similarly on the daily as well. Shorting here at $36.67 looking for downside into the lower 30’s.
SHORT: W.W. Grainger (GWW) – Beautiful downtrend in place on GWW right now. Got short at $183.41 – wasn’t able to break through resistance.
SHORT: Spirit Airlines (SAVE) – Missed this one dadgumit! Coulda/Shoulda got in at 18.35 but wanted to see a bounce in the $18.60’s before pulling the trigger. Instead it is now trading sub $18’s.
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