Nothing major to report overnight, overseas markets were flat-to-modestly down, so nothing major going on there. US markets are also looking flat, with a slight bullish bias, but no assurance that it can hold. While yesterday was good to see from my bearish perspective, an intra-day reversal, wiping out the morning gains, I wouldn’t be surprised again to see the market rally again today.
I will say this though, that if we get a solid leg down today, we will have across the indices, a evening star formation (if that happens, I will detail exactly what the bearish candle pattern means), which could provide a very tradable setup.
With that said let’s take a look at the watch list for today – a lot a short setups and a few long setups…
Long Setups: INET, OMN, SPWRB
Short Setups: ALTR, ADM, SNP, FNB, FWLT, HBAN, IAT, KEY, MBFI, NWY, ODP, TS
I’m a little hesitant to add anything to the three short positions we currently have (LSI, UNH, BBT), I’m going to look for some more weakness, hopefully this week, before adding additional shares to the short side.
Happy Trading!
