I really didn't even go through my long scans tonight - perhaps that means we're headed higher. I just don't see any need to right now - I am not interested in going long here regardless of what the chart may look like. It is just not worth the risk.
I am looking for nice, low-risk short setups, and here are some of the charts I am watching for tomorrow. Financials are still the main area I want to focus on. If XLF breaks below $19.75, I would likely look hard at SKF again.
WCBO, EWBC, FHN, EVR
Here are some of the others I am looking at. They are kind of a mix of sectors.
PNK, CREE, KMX, FLS
I still think commodities and now shippers look rather weak here and could be setting up some nice short plays.
AEM, CXO, DSX, EXM
All Charts from Telechart2007, Courtesy of Worden Brothers, Inc.
Let's see if we get follow-through tomorrow and break these key support levels, or if the bulls step up tomorrow and put the next large decline in the market off for another week or so. I would not be surprised by either outcome, and will be prepared either way. Best of luck Tuesday.