Not to much to report here on my end. As we go into the final hour of trading, I'm hoping to see some capitulation or a nice flush in price. I hold about six short positions right now, and I'd love to sell some of them on weakness. We are heading straight for a bounce and the likely place for it to occur is probably somewhere between 1275 and 1300.
And yes, as the title of this post suggests I shorted JCI at $30.73. Coupled with VAR both of these two young trades in my portfolio are lookings really weak on the charts.
SHORT: Chicos Fas (CHS)
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Economic Reports Due out (Times are EST): Jobless Claims (8:30am), Philadelphia Fed Survey (10am), E-Commerce Retail Sales (10am), Leading Indicators (10am), EIA Natural Gas Report (10:30am)
Premarket Update (Updated 8:30am eastern):
Technical Outlook (S&P 500):
My Opinions & Trades:
Read more...Today another short update since I don´t have much new to add from previous updates.
Like I did yesterday today´s technical update begins with a brief look at the EUR, since “she” is the “mainstay” for an oversold rebound of almost everything.
If the EUR does not provide assistance to the Bull´s cause then forget about some type of a bottom for the equity & commodity markets.
But barring a crash overextended moves are usually at some point corrected adjusting the “tilt” of the abrupt decline.
Today the EUR daily RSI is at 22 while the Stochastic is at 5.
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