Wednesday, August 17, 2011

Mid-Week Video Update - Tough for Bulls AND Tough for Bears Right Now - 8/17/11

Hi, traders.   It's been a tough week to be a bull and a tough week to be a bear, as the intraday action has been choppy and difficult to do much with for more than a few hours or so.   I went into this week with a bearish outlook, but to be honest, the bears have been VERY unimpressive in my opinion the past two sessions.   Shorts have not worked well even though there are a lot of setups out there and the longer we go without breaking back down, the better odds there are for melt-up action to continue ala 2009 (heavier volume declines followed by weak volume moves higher).

The video includes some things to look for this week along with charts on both sides of the market.   If we don't see some bearish action tomorrow, I may have to reassess my outlook and go back strictly to cash.   Good luck Thursday and Friday.

I hope you find the video helpful and informative.   As always, feel free to email me with questions or comments - I enjoy hearing from my readers.  If you like the videos, please take a moment to leave a review on Investimonials  

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4 comments:

Anonymous said...

like the video's & commentary

Anonymous said...

Congrats for not getting shaken out of $RAX - hope it compensate for the small losses.
I see you points but I disagree the shorts aren't working - I agree with Zortrades's (http://stks.co/JY) post. My shorts are working too $RAX, FNSR, CBOU, SFI - (didn't benefit much cause of couple of hopeless long trades)
Long plays for now I'll watch only for bottom bounces.
There's mistake in the performance table with CNX trade.
Good luck
Ivan

Mac said...

Hi Ivan. Some shorts are working but more likely than not the ones I saw break down a bit Tuesday actually gapped up on Wednesday, so looking at the candidates I was watching, I know I would have been stopped out on most early Wednesday (which would have just frustrated me even more).

Unfortunately, the CNX trade is not a mistake - it happed up after hours due to a news item (not earnings related so there was no warning). Had to cover. There is luck sometimes in trading - I was definitely not "lucky" on this one. It happens.

Anonymous said...

hi mac
RAX (-8.7%)is 1 of the falling leaders, almost retreat to 9aug position, u rock.

i so worry about my mutual fund (subscribed many years ago) if H&S top comes true... ... :(

mini-me