Last three weeks we have been finishing in the red. Will this week be any different? For beginners, the DOW look like it is on the brink of a MAJOR breakdown…and I mean major. The obvious head and shoulders pattern that has emerged is now on the verge of being confirmed. Watch for a close below the neckline to initiate a short position. The other three indices could easily break their moving averages in a heart beat if we have another down day like we had on Friday.
I’ve updated the stock screens and the market barometer. Definitely worth taking a look at considering what we have seen out of the market in recent weeks. Couple of quick thoughts on the screens, for quite a few months now, our short screen – “Watch Out Below” has barely seen any companies pop up on its radar, and now we have a plethora of companies on this screen I use for shorting. Also, some of our bullish screens are seeing an abundance of companies showing up – so much so, I am having to tighten dramatically the filter settings of my bullish screens. This could be a great contrarian indicator that the market is indeed getting to top-heavy.
Hope everyone has a great week and be sure to follow us on our day-trades and live portfolio!
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