The tables were turned on the bears today, and we got a sell-off after gapping higher. We saw similar action back last week on the 26th when we gapped to new highs and finished lower on the day. For me that is the playbook I am following today, since market action has been, of late, following precedent set in previous trading sessions.
Also, the buy-the-dip mentality has been noticeably absent from trading today. Let’s see is that lasts heading into the afternoon.
SHORT: XL Group (XL)
SHORT: Assurant (AIZ)
LONG: Biogen Idec (BIIB)
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