{+++} Although some hoped that The Bernank would surprise with some further form of quantitative easing, it didn’t happen. The market processed the news and then sold off into the close pretty hard. we’ll see what happens in the morning. Perhaps the very fact that the Fed is out of the way may be a good thing for the bull,. who knows. Tomorrow we get the beige book and that’s where the central banks tell us what is hot or cold, always an important reading.
China stocks like SINA, SNDA and SOHU got hammered and then rallied back a bit. Leaders like AAPL rolled over and stocks like OPEN were killed but closed almost green. Weird day for sure, but AAPL looks horrible and that isn’t good. NFLX came back a little today and GOOG looked heavy all day.
I added ELN as a long again as the chart looks strong, even in a crappy tape. This is the time in the market where decisions have to be made from a trader’s perspective. Many stocks are at their breaking points to the downside, so you can short support OR take the contrarian view and get long those names. Right now though the former may apply as the market looks heavy.
I am doing something a little different tonight. I have a brief list of names that look very weak. They aren’t going on the P&L, but they may over the short term, I want you to look at the daily charts and put them on your radar. I will be watching these names closely and will report back to you if we need to make a move. I haven’t listed stops, just the short triggers. Good luck tomorrow.
CREE short price 38.52
PSE short price 28.75
QSFT short price 20.95
ROK short price 79.75
TRMB short price 39.86
TECD short price 44.92