Cautious with the short-setups
I’m reluctant to add any new short positions to the portfolio particularly because the dip-buyers continue to prop the market up. Any kind of weakness no matter how big or how small consistently triggers the buying machines and curbs any losses that might have been had otherwise.
As a result, I have to sit on my hands, until I see if the market is genuinely trying to move lower without the bulls getting in the way. For now, I’m simply keeping this list constantly updated (as I always do) and making sure it is ready at the time that I need it with setups that can be acted on right away.
Three opportunities in particular to watch
Valero Energy (VLO) – Nice double top forming and ready to break below the neckline of the pattern and providing confirmation.
HollyFrontier Corp (HFC) – similar to VLO with the double top. Below $52, this stock should start rolling to the downside.
Royal Caribbean Cruises (RCL) – Head and shoulders patter ready to take short now.
Here’s swing-trading short watch-list
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