There are no new short positions for Tuesday’s stock market session as most stocks are either too extended still from their respective 50 and 200 day moving averages or the leaders of this past rally still are too early overall to be good short candidates and need to weaken further into a clear topping pattern. I do have one early short for those that would like to put capital to work on Tuesday and if it does as well as OII today it can obviously be a very good Tuesday. EGN has rallied on lower volume back to the 200 day moving average (or close enough to it anyways) and put in a bearish intraday reversal today closing near the lows on higher volume. Three things bother me about the stock to keep me from personally shorting it. While it isn’t a big deal I would have liked to see it reverse right at the 200 day moving average, BOP is not very weak much less red, and the stock does not have a previous 100% gain from the lows to the current price. What made OII much nicer yesterday was that the only problem with it was that it was not at the 200 day moving average. It had the red BOP, huge volume, and the previous 100% move. Have a great long Memorial Day weekend with family and friends everyone.
new short positions: none
none
