It is hard to get overly excited about today’s sell-off. I’m not willing to buy at this point because the market could easily drop 20-40 points without crippling the October rally. However, the 200-day moving average was tested today and has held nicely so far for the bulls.
With Apple (AAPL) reporting today, and the FOMC statement coming out tomorrow, this will be two huge news events that can sway the market in either direction. Before I want to get aggressive to the short side, I need to see first how the market reacts to these two events. Right now, I have one short position, and if the market is unable to carry on with the rally we have seen so far this month, then may be adding a few short positions will make sense. For now, I am only short 10% of my portfolio, while I remain net long.
Here’s the bearish watch-list:
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