The short lived bounce yesterday has turned into bearish pandemonium today with them the market facing a possible 2% decline on the day.
I added two short positions from the list below yesterday and I added another one today. All three of which are doing just fine. So I still have 70% cash that I have to work with. But based on what I have seen lately, it still remains a very good idea to remain nimble with the number of positions that are held in the position at one time.
You have Yom Kippur starting at midnight, so there is a chance, like last week, that tomorrow is another low-volume day for the market. Nonetheless, the S&P 500 is showing every sign that it intends to ultimately test the 1900-13 level with a possible test of the August lows thereafter.
For now the bears are breaking out of that sloppy bear flag pattern it had previously been stuck in for the past 3 weeks and I may consider adding an additional 1-2 more short positions to the portfolio based on how this market decides to behave going forward.
Here’s the bearish watch-list:
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