Today is a typical low volume huge move in the market that you find in bearish and choppy market trends. This is routine for experienced investors and while there are not many charts that had solid short setups due to the rally there still were two stocks that would offer the brave a chance to play the short side if you feel this is all the bulls have in the tank. OII and ESI are both early/speculative short candidates. OII is putting in an ugly intraday candle pattern on huge volume and ugly red BOP near the 200 day moving average. Sadly, it is not failing at the 50 day moving average and then breaking down at the 200 day moving average or failing right at the 200 day moving average. It is a bit too extended from both moving averages with the market looking like it could rally here for me to go short. ESI failed the 50 day moving average and then broke the 200 day moving average on volume but sadly it does not have the previous 100% run up from the lows to the current stock price to be considered a short I want to take on a reward/risk level. I still believe and think the market is proving it to us that cash is definitely king right now. I guarantee you most individuals are spinning and churning their accounts losing money via losses and commissions during this market environment the past month.
new short positions: none
none
