There is only one short that really qualifies as a “go” today, since the majority of the stocks in the list closed near the upper end of the intraday range. Stocks like STAR, IMA, JACK, SNDA, DIN, and CR are all too early and don’t give me a real feel that they are falling for sure. However, I think I will try my luck (how has that been going huh?) on one stock that failed on some pretty heavy volume after trying to rally on lower volume the past couple of month. Not only that but the stock is one big giant downtrend mess from August to the Feb/March lows. Since the lows of 2000 are SO FAR away from where it is breaking down now and where it is at, I figured that if we are going to try another poke at a short, just in case the market doesn’t want to continue to run, I might as well go short the ugliest candidate with biggest potential for gain. That stock is AME. AME is putting in a nasty reversal well before ever getting a chance to revisit that 2008 high and it is showing signs of EPS/sales slowing the past two quarters. Remember, if the stock doesn’t move lower immediately, I am not sticking around. I will be gone faster than you can say “gone.” Great luck with this one.
new short position: AME
AME is gapping down below the 50 day moving average, putting in a very bearish intraday session, on extremely huge volume with BOP going from positive yellow to near max-red. 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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