There are, once again, no new short positions as fighting this tape has been a proven futile endeavor for those that attempt this. There are a few stocks that show a lot of red BOP and distribution recently but they also have a ton of intraday reversals in their charts that indicate it is an ending to the selling rather than the beginning. If you look at stocks like RAX, BLK, SYKE, and CF you can see what I am talking about. The only stock that was in my short scans that is actually below both key moving averages was HBC and, once again, the big distribution days show some pretty nice intraday reversals each day indicating that the selling is exhausting rather than gaining. This definitely is not a market to be shorting as the odd conundrum of higher volume selloffs followed by lower volume (we have above average volume now but it is still overall lower than the volume we got in late-January to February) rallies to new highs continues.
new short positions: none
none
