First day in the red in over a week, but no major technical damage with the selling.
I’ve closed out my first two losing trades in almost three weeks. In fact I’ve had two of them – Dropbox (DBX) for -3% and Oneok (OKE) for -0.4%. The both of them combined isn’t a major hit of any kind, but still kind of stinks. However, I haven’t made a trade since Friday, and I have been patient here, because if this market wants to pullback for a few days, I don’t want to be buying until it can find itself a bottom.
Below I’ve put together my bearish watch-list, but I’m not acting on it at this point. There simply isn’t enough there in this market today to suggest significantly lower prices are on teh horizon when the volume is this light. Instead, I think this is where you remain patient and wait for the quick pullback to end, and then start loading up on the long positions yet again.
So for now, I’m not adding any new short positions to the portfolio, and instead just keeping it cool, while I wait for the market to find its footing again.
Here’s the watch-list for the bearish short-setups: