Actually some weakness today with the stock market down a bit.

It isn’t anything to get too excited about but we aren’t dealing with fractions of a point either. But knowing the dip buyers, they will probably come in and miraculously save the day at the end. 

I know that sounds like sour grapes on my part. I’m actually net long on this market; I just think this whole rally is getting exhausted and while the S&P 500 keeps getting all tickled to death about a 2 point daily rallies these days, wouldn’t you rather see the market pick up some volatility and give us a few back-to-back 20 point down days for a change? 

Up until today nobody even considered the notion of a market that could sell off 1%. It is literally a foreign concept to anyone that started trading in mid-October of last year as that was the last time such an even actually happened. 

My bearish list of short setups for a market that is down for now:

Oil looks bearish to me. I know the big money is positioned to be more long than they have ever been in their entire lives, I know, I have read the articles. But forget about that and look at the oil chart. Does that look like a commodity that is about to break higher or start selling off again? I think it is the latter, and wouldn’t be buying any oil stocks at this juncture. 

Others that are starting to weaken quite nicely is semiconductors. I’ve been trading this industry for most of the year and into last year and have done quite well with it. But the likes of Nvida (NVDA) and Intel (INTC) both look like they are trying to roll over. So keep an eye out there. Here’s the rest of the list: