The bears probably havent’ felt this good since….well…last May, when the markets put in a short-term top ushering in what was a very volatile summer. Couple of key points to make here though. 1) S&P has not held the important 1329 price level, and that is a big problem for the bulls, and as of this post, we are also trading below 2) the 50-day moving average and 3) the long-term trend-line off of the September lows of last year. So it can be most definitely said that unless things radically change by the time the market closes, that we are in official breakdown mode.
But as always, I try to provide you with setups from both sides of the trade. So heare they are:
LONG: Take-Two Interactive Software (TTWO)
SHORT: Vishay Intertech (VSH)
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*Disclaimer: Ryan Mallory is not a financial adviser and this podcast is for entertainment purposes only. Consult your financial adviser before making any decisions.
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