It can’t possibly be a coincidence that all of the stocks that I want to load up on with large short positions all had bearish intraday sessions today leading to three of them setting up new areas to go short on the charts. None of the failures are perfect but they are at critical resistance levels that if they do fail it is not going to cause a ton of pain. And that is all you can do, until the final top or real breakdown occurs. AGU is the last chemical stock I need to get short that is above $50 and now my first round of short sells in the leading chemical stocks are now complete. ADSK’s long-term chart looks extremely toppy and the rollover is on some heavy selling making this worth a SMALL poke. Nothing more, nothing less. The big boys (three of them below) are the shorts I am focusing on. The way all of these former leading stocks look I would not be surprised if we had a down day tomorrow. Even though it doesn’t matter, since most of our stocks are acting correctly.
new short position: ADSK AGU
ADSK is putting in a bearish intraday session reversing at the January 2008 resistance, on strong volume. Cut your first loss with a close above the 40.39 level and your final loss with a close above the 42.60 level, if the stock does not move lower immediately.
AGU is failing at and reversing at the 50 day moving average, on extremely strong volume. Cut your loss with a close above the 66.54 level, if the stock does not move lower immediately.
adding to existing short positions: FSLR BIDU TNH BG
FSLR is reversing near resistance at the 50 day moving average, on very strong volume. Cut your loss with a close above the 50 day moving average, if the stock does not move lower immediately.
BIDU is failing to close above the 200 day moving average, putting in a bearish reversal, on very strong volume. Cut your loss with a close above the 200 day moving average, if the stock does not move lower immediately.
TNH is failing to get back above the 50 day moving average, failing on very strong volume. Cut your loss with a close above the 50 day moving average, if the stock does not move lower immediately.
BG is failing to get back above the 50 day moving average, failing on strong volume. Cut your loss with a close above the 50 day moving average, if the stock does not move lower immediately.
I don’t know about you but I got a great fill this AM with my FSLR at 216 but if it closes over the 50 DMA we have to cut it all. However, if FSLR weakens throughout the day and closes below the 50 DMA the trade is still good. I just want to make this clear for those not in the chat room.
The rally is on lower volume so far and