Tuesday, December 9, 2008

Many More Short Setups in Scans Than Long Setups

I have a pretty bad headache tonight so I am not going to do a video. I will put the stocks I am watching and as the title states, I had many more short setups than long setups right now. I don't know if that means anything or not - I guess we'll find out. If we don't hold the numbers I mentioned earlier today, then I could see us falling a good amount once again and this rally going up in smoke. I hope that doesn't happen but based on my individual charts I now think it is certainly a possibility. As always, with this market, anything can happen.

Longs Watching For Rest: CSKI, ACM, INSU, AAON, PENN (wish there were more)
Longs Set Up Right Now: GMCR, NVDA (just broke above 50 day today)

Inverse ETFs to Watch: SDS, SMN, QID (all at some lateral support), SKF, SRS, FAZ

Shorts That Are Setting Up: XHB, DSW, GYMB, MW, SWS, STC, KBH, MTH, WBSN, MDR, VFC, CAL, JOSB, USB, RVBD, NTES, AMR, URBN, GPS, BDC, TBL, LCC, GS, NWL, JPM, SQNM, SFG, WAB, UAUA, FSYS, ACO, WFC, MR, WGOV, BECN, GWR, IBKR, MET, C

I think most of these shorts are self-explanatory (right up again 50 day moving average, ready to break down from bear flag patterns) but if you have any questions feel free to ask. Good luck Wednesday.

6 comments:

Ragin' Cajun said...

Thanks for all the work you do here Mac!!

Anonymous said...

Hey Mac ... since you were going to take a position in SDS at close to the high for the day, it sounds like you do not expect the selling to end. FWIW, I agree but I think you can get in SDS tomorrow for a slightly better price.

Also, what does the McClellan look like tonight??

Thanks for all you do.

Geoff

Mac said...

Thanks Ragin. Hope it helps some people out there.

Geoff, the McClellan was at +183, which is high but as expected after the selling today it went back below 200. Good market can stay overbought just like bad market can stay oversold, so we'll have to see if it stays up here. If we hold support, then I assume that's what will happen.

When I took the SDS, I mainly went on a hunch that we would end ugly. We really didn't do that in the last half hour, so I was probably lucky. Right now, i will probably be looking for shorts tomorrow but as always will be open for whatever the market wants to do.

By the way, I read on Ibankcoin that Meredith Whitney may be on CNBC in the morning, which should be interesting. Stocks don't seem to take well to her brand of honest information and facts.

Anonymous said...

Thanks, I heard that about MW as well. Anyway, hope the head feels better amigo.

Geoff

elkate said...

Hi Mac,

I think airlines in general can be shorted at this level. Please let me know what you think of CAL, it looks like a really good setup for H/S.

Thanks,

Elad.

Mac said...

CAL looks more like a double top to me, but certainly is looking bearish. It all depends on the overall market. If you short here, I would get a stop above the 200 day moving average. Good luck.