There are no new short positions for Wednesday. My scans didn’t have much in them and that isn’t that shocking due to the fact that we never have any days of above average volume (well almost never). The main reason for not having any shorts, though, is that the market put in a very impressive intraday move off the lows, once again. This time, however, it could not really hold on to the impressive gains and the final hour saw stocks selloff to around the midpoint of the day. Overall it was a very mixed day with some bullish notes and some bearish notes. Typical of this market the past few months. While I might not want to do anything here and keep my cash level highs, there might be some of you that think the market is ready to rollover. If you think we are going to have a replay of 2000 soon where we rally on lighter volume in the summer and then end up giving up all the gains as soon as September comes, you might want to take a look at these possible shorts. EAT PRXL and ROSE all have very weak patterns. My problem with EAT is that it pays out a high dividend. PRXL and ROSE are a bit too early and extended on the very short term after today’s bleeding. Cash is still clearly king everyone. This market still doesn’t really know what it wants to do.
new short positions: none
none
