Long or Short: Short
Reason for Trade: While the market may be trying to make up for lost gains today, the price action is clearly bearish in the market for now. Like we talked about last week, expect today to be just another dead cat bounce until proven otherwise.
Of all the shorts in the portfolio, I think CX has the most potential to pick up some major gains if the acceleration in this market to the downside picks up again. There are gaps to fill and not much support below to catch this stock from falling.
Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida with a wife of seven years as well as one lively son. More >>
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