Thursday, January 22, 2009

Video - Some Short Setups - 1/22/09

After going through my scans, I found a surprising number of short setups that looked like possibilities, so because of that, I put a short video tonight. I don't go over the indices like normal because as I said earlier, right now I have no clue. There is too much news going on that could affect things and it's not just the news but the reaction to the news that is especially hard to predict. I still think we head lower and that's why I am willing to take a few short-term trades on some of these setups but I also realize we could get some spikes upward before heading lower. It is a tough time to trade so be careful.

6 comments:

canuk1 said...

Hi Mac, thanks for sharing your scans and analysis. Very choppy markets indeed. I am one of a throng of wannabe traders struggling to profit from this Casino. I have a question for you. Although all of your charts make great sense for possible shorts, how do you possibly manage so many. I'd be flipping through so many charts, triggers all hitting together, swinging with the market and missing the best time to get in any of them. How do you possibly manage so many candidates. I have trouble enough handling a handful of potential setups. Thanks Again, canuk1

Mac said...

I can usually have 20 or so stocks on my quote screen and from there watch which ones are moving on volume early in the session. I usually eliminate a lot of the ones I am watching within 10 or so minutes of the open. I know it seems hard and to be honest, it is - I usually try to narrow the list down before the market even starts by looking at them closer. After going through them all several times, I start to get ones that I want to focus on - usually just be feel if that makes sense. But I would rather have too many to keep an eye on at the start of trading than only a few that don't do anything and then I am out of luck. Hope this helps.

SRSFinance said...

Great setups Mac! Looks like we are on the same page.

And it looks like we both got caught trying to short ADM a little early. I still think it's a nice set up, especially after yesterday's rejection above the 30-day.

The game plan today is to watch intraday support levels. If they start to break I'll probably get short again.

Mac said...

Thanks SRS. Sounds like a plan.

Canuk1 - I forgot to say that some of the ones I put in the video (ALK, PNC, UBS come to mind) are not yet ready - I am just putting them out there for people to keep on their watchlist in case the patterns continue to develop. So that narrows the actual watchlist from day to day down a bit as well.

canuk1 said...

Well the lift today should get some of them closer to your sell point at least and narrow it down some. Your scan will likely bring up another batch which overwhealmes me. Did you watch today as USO broke the very long downtrend line and will really be worth watching next week. I'll check your Video and scan results and study a bit closer over the weekend. Thankyou Mac

kim palma said...

Yeah! Thanks for sharing your scans it helps a lot. Really really nice blog.