Ok, again we are in another holding pattern with the G7 meeting basically saying the EU will manage the Greek crisis. Whether the market believes it or not is an unknown and if it matters is an unknown. What is known is we had a strong close/reversal signal Friday suggesting that the market may move up Monday and possibly beyond. The last two lists I put out last week have all the shorts I would consider or consider adding to if we do get such a bounce. As long as it stays under resistance we could see anything from an intraday move to a bear flag, in any case, it should provide good positioning for shorts, specifically the ones I mentioned in the last week.
Do not over commit again until we see what this means but there's no point in listing shorts on a market bounce and longs are countertrend at this point so go with what is there. Check this site tomorrow during market hours as I will update with any shorts should this flop and turn south-MAKE SURE TO CHECK THE SITE AFTER 12pm UNTIL CLOSE or until I post.
Some favorites still include JPM or GS-not both maybe some FAZ, FAS (both long as they are inverse already). I'll add anything I think shows a good risk/reward ration as of tomorrow when we know a little more. Just hang in there and be patient. If you have longs and the market moves higher, it ay be time to consider taking gains or losses and closing them out. If you need a second opinion on any, let me know by email.
Have a great week!
5 years ago
