After such a strong day on Friday by the Nasdaq, I have to admit, at first, i was initially pretty sure that we would not have any shorts due to the market being higher with the Nasdaq leading. Take that along with all the nice to pretty charts showing up, my new longs working, and my list of longs growing from 3 on March 10th to 18 now and I did not think I would have even one short. But after going over the few stocks in all of my short scans I realized that, indeed, these two stocks are shorts. I have to remind everyone that when I go short I am looking for a 10-to-1 reward-to-risk ratio and that both of these stocks are well above that. But what else is also nice is that both stocks might be helping us identify a short-term top in the stock market. The market has gone real far real fast and a lot of stocks are very extended coming out of recent bases. A pullback here would put a lot of Featured quality stocks in great positions to be possible future longs in my portfolio. And while we wait for that to happen, we can make money on some recent shorts like this. Also, as you can see with my current shorts, even if the market rallies higher, these stocks could still get taken to the whooping-shed. If we need to cut our losses we will and Gold members have access to the page where I post all my partial and full covers. Great luck out there and aloha! Remember, I recommend that new investors/traders FIRST feel comfortable going long and IF YOU CAN (God knows this will be hard in a bear market) try not to go short until you are profitable on the long side. But whatever you want to do is ultimately your decision. Aloha!
new short positions: BLL ALXN
BLL is breaking down through the 50 day moving average, closing near the lows, on extremely strong volume. Cut your final loss with a close above the 50 day moving average, if the stock does not move lower immediately.
ALXN is breaking down at the 50 day moving average, putting in a very bearish intraday reversal, 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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