Wednesday, August 17, 2011

Lots of Heavier Volume Breakdowns from Bear Flags

Although this week has certainly NOT been an easy one to make money on the short side of the market, I will stick by my opinion that this is not the time to buy stocks and that we are heading lower (or if nothing else will chop around for a while without much price movement upward).  

I have a scan in TC2000 that looks for bear flags forming (up three days in a row on declining volume) and adjusted the scan this morning to include stocks down yesterday on heavier volume.   Filters were stocks had to be at least $8 and had to trade at least 500,000 shares.   Lots of big-time stocks on this list.   Hard for me to see how this is bullish at all.

Symbols from TC2000           DGX ETN CNX PFG ADI MCHP ADBE UPS IR STI MET CRM CCL PCAR PCP ALTR FLS KMX COL DVN AMAT JPM NE MWW MAS DHR XLNX LLTC AA APC SYMC PBCT JCI AXP BLK ROP AMP WDC HES TXN ATI PRU MHP BMC BCR HOG CSX SLM INTU BLL CTL EFX LM RDC CVS KFT EBAY CVC R HOT FITB MMM AKAM RHT DOW WHR STJ TROW MHS MUR AMZN TIF XRX FCX DD ADSK CMI BTU SAI EMC NUE M VLO TIE OMC AVY EMR FDX DOV WAT DIS PBI BBT HIG XL AKS LH RHI KLAC IVZ CMA MCO DVA CME HSP CAT LLL COH MAR PCL WFC IFF NTAP CBG NSC PNC GS NKE SWN NFX X  


Be careful out there - it's option week and trading intraday has been very whippy.  Stay in cash or if you like to frustrate yourself like me, you can try to trade some short positions.   That's been quite tough.  Good luck.

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