SCTY Position Update

I try not to take a.m. trade too seriously, but we do have a half day. Yesterday I was hoping for a gap up in the a..m. to short in to as I continue to build out the SCTY short position which is at 2/3rds full size after yesterday's add too on the gap up. I was hoping to see a full bearish engulfing candle yesterday which would have been a tall order, we got the start of one  and this morning on the gap up, there was 3C distribution immediately which sent SCTY lower, furthering the gaol of a bearish engulfing and confirmation that SCTY is turning down from the top of a H&S top's right shoulder. I do expect some bouncing around intraday as is normal, but I do like this start.

Charts...

 This morning's distribution on the gap up and SCTY moving down.

This is the right shoulder, 3C accumulation at the neck line for a near 50% advance forming the right shoulder and distribution at the top of the right shoulder, one of only 3 places I'll short a H&S top.

This is the daily chart, the last 2 days thus far are moving toward the confirmation, a close below the recent range of stars and dojis at the top of the right shoulder.

On a 2-day chart the bearish engulfing candle is near complete, which would also be a larger, stronger signal for a candlestick reversal, again I'd like to see volume rise, but on  a half day, that's a tall order. So far, so good. It looks like we got excellent positioning here.