Disappointing day for bulls today as what looked like would be a soaring open when futures opened Sunday night on news that Spain was seeking a bailout, quickly vanished as the US market open came about. 

I think for the most part, that this market has grown tired after registering its best week of the year last week, and for it to continue mounting gains day-after-day is quite difficult, and the fact that it lost momentum just below key resistance levels, leads me to believe that recent strength is more of a dead-cat bounce than anything else. To prove me wrong, the bulls will need to cross some key price levels first (most notably 1335 first). 

As a result, I’ve added 2 new short positions to the portfolio and missed another that would’ve probably have been my best short of the day. I was waiting for stock to bounce but instead it continued to march lower. It happens! 

Here are the trade I made today: 

SHORT: Nucor (NUE) – Failing at resistance with a bear-flag pattern on the weekly chart – shows up similarly on the daily as well. Shorting here at $36.67 looking for downside into the lower 30’s. 

d4271cfbba0c43154cb6b91b.png (850×456)

SHORT: W.W. Grainger (GWW) – Beautiful downtrend in place on GWW right now. Got short at $183.41 – wasn’t able to break through resistance. 

3babbbc40b46f5a1ec8c2318.png (848×459)

SHORT: Spirit Airlines (SAVE) – Missed this one dadgumit! Coulda/Shoulda got in at 18.35 but wanted to see a bounce in the $18.60’s before pulling the trigger. Instead it is now trading sub $18’s. 

7bf13d9ca00308af5e304fdc.png (849×458)

You Might Like

  • how to manage your swing trades when it comes to headline risk.

    Managing Headline Risk: How to Survive the News Cycle Without Losing Your Mind

  • What to do after a winning trade

    What to Do After a Winning Trade

  • SCOTUS ruling on tariffs and its impact on the stock market.

    SCOTUS & Trump’s Tariffs: Preparing for the Verdict