A heavy dose of swing-trade short setups
We've seen the market put together a bounce after every sell-off of late. Particularly when there is a major push slower, the next day has responded with a heart-breaking rally for the bears.
I'm not necessarily looking to get short here. I wish I could, but the market continues with the aid of POMO to rebound systematically. However, if we could actually push below, say, 1538, I would definitely look to add some exposure and selling off my current long positions.
A number of the positions in my short watch-list have had heavy sell-offs already, so instead of jumping into them at this point, wait for a rebound into key resistance levels. The reason why I haven't taken them off of my list is because of the price patterns they are exhibiting.
A few I'd keep a particular eye is Banco Bilbao Cizcaya (BBVA) which is exhibiting a break down at its current highs. If we can see some consolidation above $9.00 before if finally breaks this key support level, we should see a heavy push into the lower $8.00's.
Below $49.55, I'm confident that Ebay (EBAY) will confirm the head and shoulders pattern it is showing and push down to at least $46. Not to mention the fact that Rachel Fox is long on this stock, makes it even more appealing as a short.
Ariad Pharmaceuticals (ARIA) has some solid price action forming as well, and is in the process of breaking down right now, but I'm also going to wan to see some consolidation at this level here, before the next wave lower.
Here's the rest of the watch-list