Not a single one of these shorts will be over 100 shares. I do not want to see any new active-investor who does not have a track record of being profitable on the long side to short any of these. If you are experienced and you have a past of making money on the long side, and even the short side, then you have my OK to short whichever one of these you feel like going short. I still see the market in an intermediate term uptrend and considering that we were down almost 2% today I did not have a lot of full sells. In fact, I only had three. I expected to have at least 5 to 6 at least. So this has to be taken as a slightly positive sign. Also even though volume was higher on the NYSE giving the index another distribution day, volume was still below average. Nassy volume was still above average and higher but that was only the second distribution day on the Nassy. The shorts below are all OK but until I start to see the market crack wide open on heavier volume and the oil stocks top and rollover, I don’t think I want to look to get short here. Instead, I will continue to wait for a fresh follow-through day. Something tells me, I might not see either scenario. I do not like to invest by my gut as I always use the charts as my final buy and sell decision, but I sure can’t help that nagging feeling that it is going to be hard to make money on the long side or the short side. Something tells me to prepare for a lot of sideways choppy action. I hope I am wrong and I hope we can get a clear trend either or up or down. I don’t care which way as long as it is a trend. Now, if only my perfect chart setups would all act like MXC and PDO did, after I went long, my world would be much better. Be careful out there, keep any new long position or short position small and be patient. We need to wait for some real volume to make any big bets in any direction in this market.
new short positions: TEF PCU WERN CELG
TEF is rolling over and breaking down below the 50 and 200 day moving average, on below average volume. Cut your final loss with a close above the 50 day moving average, if the stock does not move lower immediately.
PCU is rolling over and breaking down below the 50 and 200 day moving average, on average daily volume. Cut your final loss with a close above the 50 day moving average, if the stock does not move lower immediately.
WERN is reversing the early May breakout and breaking down below the 50 and 200 day moving average, on extremely strong volume (2-day chart shows it best). Cut your final loss with a close above the 50 day moving average, if the stock does not move lower immediately.
CELG is rolling over and breaking down below the 50 and 200 day moving average, on strong volume. Cut your final loss with a close above the 50/200 day moving average, if the stock does not move lower immediately.
