I definitely wish that I had billions of dollars on the line as I would be short the chemicals across the board but since I am a regular trader/investor trying to make a living in a very difficult market I still must wait for high odd setups and I still can not trade on my gut. Or else I would be long DUG, short DIG, long FXP, short FXE, long UUP, and short MOS POT TNH SQM and many others in the chemical-fertilizer. But dreams are dreams and it will probably be a reality when I decide to leave Maui but for now I wait for the right opportunity to short and I do have a “decent” not “perfect” setup to work with. The problem with this short is that the volume is not huge on the distribution phases in July or on the breakdown today and the BOP is not red. If those two scenarios were there on this chart I would probably risk more money but for now I can’t risk much either way when the market has moved a whole -0.49% on the Nasdaq from January 8, 2008 to August 13, 2008. This is not a very good market for momentum/growth investors no matter if you are a bull or a bear. We are going nowhere and taking out time going nowhere. This is not an easy market to short and thus is why CASH IS STILL KING.
new short position: CYT
CYT is breaking down at the downtrending 50 day moving average, that has the 200 day moving average trailing right behind it, on very strong volume. Cut your final loss with a close above the 50 day moving average, if the stock does not move lower immediately.
