There are no new short positions for Thursday as the market continues to trend higher on the short-term. However, markets are finding some kind of possible resistance at some key levels. The Nasdaq intraday failed right at the “death-cross” of the 50 and 200 day moving average, the SP 500 is resting at its downtrending 50 day moving average, the Dow Jones Industrial average is finding trouble getting above its 200 day moving average, and the Russell 2000 is coming up on its downtrending 50 day moving average. These areas could act as trouble spots unless the market can finally put a rally together on above average volume. As long as volume remains below average, there is a high probability we might fail at these important levels on all these indexes. So while we have nothing to do, for now, on the short side, I recommend watching the indexes here for a possible reversal. If we see that happen with volume picking up I am certain we will have some juicy short setups to take. For now, with the low volume and upside bias, cash is king with a few longs being OK here and there.
new short positions: none
none
