There were a lot of stocks in my four short scans. However, the same problem remains for most of them in that they are too far extended from their 200 day moving averages to make strong high reward and low risk shorts. The good news is that there was one more insurance stock that has shown up and is ready to breakdown. The slight problem with this stock is that from the 00-02 lows the stock does not have a previous 100% uptrend to take out. However, if you look at how much distribution there is chances are high that it will go below the 00 lows thus giving us our possible 50%+ gain on this short position. Of course, if it doesn’t work, we will cut our loss very fast. But if it works, it will join the other 42 shorts that we have as winners in our portfolio. Some other shorts I am watching for possible future shorts include VAR, MLM, FTE, ADP, PRGS, GWW, BJ, UMBF, UBSI, NST, SYNT, POOL, ETP, CERN, EE, WAB, AFG, NE, SHW, IMO, ISRG, BLK, NBL, ATI, RE, CAT, SNP, JEC, and ARD. These are all too far extended from their 200 day moving averages but maybe in the future they can rally to that key resistance line on low volume and then breakdown. Something to watch for, definitely.
new short position: MCY
MCY is failing at the downtrending 50 day moving average, 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.
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