Well, we got the start of our bounce today, as the bulls were able to string something together. It wasn't much, but it was better than they've mustered the past two weeks. Indeed, compared to the selling barrage of the past two weeks, today was pretty anemic. We'll have to see what the bulls have for tomorrow. Though I am still inclined to look to short for quicker trades, I do still believe the broader uptrend remains intact, so it's a short-term bearish, intermediate-term bullish view.
I didn't make any trades today in any of my accounts. Right now, I'm content to give the bulls some room to try to take us higher in the next couple days, though I do expect any such bounce to fail and I expect the bears will be able to drag us lower.
I'm really liking the rallies in EJ, QCOM, and TSL today. These are setting up quite nicely on the short side.
I'm also really liking CBI's action. It held tough during the selling, and today the volume was heavier today on the upside than it was last week on the downside, which is a good thing.
EME held where it had to today, and this one could bounce a bit off the 200-day EMA. IACI and SPAR are also looking good at support.
JST and NEU are probably going to be taken off the watchlist soon. NEU tanked following its quarter and JST is not looking so good.
Position: Long CBI
Disclaimer: This is not a recommendation and is presented for informational purposes only.
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