- Ryan Mallory
Pre-market futures are showing another negative open, which isn't surprising since we broke through a key support level that had held strong the previous two-months. So a lot of people who bought into the hype that the 8300ish level was the bottom of the market's steep decline will likely be looking for a way out of their ill-advised gamble. We're primarily shorting this market still, while taking some long positions in ETF's (another post on that to come).
In the spirit of Thanksgiving, we've decided to provide everyone with a short chart setup. We will be making this a pick to our subscribers, in which they will be provided with a stop-loss, target price, and entry price among other things. For the non-subscribers....well, I'll just leave you with the chart...and some thoughts.
LMNX is setting up nicely for the next leg down. For the most part it has had a rather descent year, but that "V-Spike" off of its October lows are unsustainable, and the price action just broke the 50 and 200 day moving average in one day - not to mention that the averages are about to cross over. So you have a lot of bearish technicals in play here (along with it being ridiculously overbought). So there is your short for today. If you want access to all of our picks everyday then you better subscribe.
Here's the chart on LMNX...