I have to admit I thought the bounce was going to last a little longer than it did. It appears as though the bears are taking control. If you have been following me you know that I felt we were due for a larger correction and buying the dip this time may be a painful experience at least from a swing perspective. I have been very low key this week and very selective with the trades I take. Yesterday I sold my $HART swing that I took earlier in the week. I also took a couple of day trades RTK and SPCB . I managed to squeak out a small profit in RTK and SPCB was a wash. The real winners for me yesterday were TVIX and TZA.
We broke some key support yesterday and I have a feeling things are going to get a little uncomfortable for the bulls. If you are short biased this is likely going to be your time to shine. I will be sticking to short biased ETF and ETN's however I rarely take them home overnight. I did hold onto a few lottos of both TZA and TVIX yesterday and that looks like it may work out well this morning. GLD, NUGT and miners could also be areas to play close attention to. I would not be looking to go piling into anything, since we haven't had a substantial correction in quite some time this could last for a bit. Do not fight the crowd, just play the market in front of you and be careful out there >>> Always protect your capital. Remember NOTHING says you HAVE to trade, sometimes the best trade is not taking one.
Morning movers and other stocks that caught my eye
IF the markets continue to bleed it will be challenging to take anything long. Especially for a breakout setup, odds of failure will be much higher. If you go long try to enter on a pull back to support for a bounce>>> be patient and wait for a setup DO NOT CHASE ANYTHING! INCLUDING SHORTS
VHC active premarket, VMEM pr 4 dolla holla, AXAS continuation can be a grinder, TC continuation, TPLM kinda hot daily. DNN kinda hot 50 ma bounce, ONCY pr 50 day bounce, Short bias symbols on my radar TVIX , UVXY TZA RWM SDS
Potential shorts
NQ missed earnings, VJET gap down dilution priced at 15 , RGDO dilution offering priced at 6
KNDI gapping down don't see any news, TWTR, FB, TSLA NFLX AMZN all the hot momo stocks could be in real trouble, CTCT could try to fill the gap,
Seeking Alpha
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Tronox (TROX) - new article by Brian Langis »
Ruby Tuesday (RT) +17% since Feb. 21 Dr. Hugh Akston article »
ExOne (XONE) -36.8% since Jun. 4 Brian Smith Jr. article »
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Today's Markets:
In Asia, Japan -2.4% to 13960. Hong Kong -0.8% to 23004. China -0.8% to 2131. India -0.4% to 22629.
In Europe, at midday, London -1.2%. Paris -1.2%. Frankfurt -1.4%.
Futures at 6:20: Dow flat. S&P flat. Nasdaq -0.1%. Crude -0.2% to $103.18. Gold flat at $1607.
Ten-year Treasury Yield -1 bps at 2.64%.
Tronox (TROX) - new article by Brian Langis »
Ruby Tuesday (RT) +17% since Feb. 21 Dr. Hugh Akston article »
ExOne (XONE) -36.8% since Jun. 4 Brian Smith Jr. article »
SA PRO subscribers get an early look at Top Ideas, and access to the SA PRO research library. Learn about SA PRO »
Today's Markets:
In Asia, Japan -2.4% to 13960. Hong Kong -0.8% to 23004. China -0.8% to 2131. India -0.4% to 22629.
In Europe, at midday, London -1.2%. Paris -1.2%. Frankfurt -1.4%.
Futures at 6:20: Dow flat. S&P flat. Nasdaq -0.1%. Crude -0.2% to $103.18. Gold flat at $1607.
Ten-year Treasury Yield -1 bps at 2.64%.
Best of Success!!!
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