The markets were essentially flat today and we seem to be going sideways. In my opinion, sideways is bullish as the sellers wont sell and the buyers are ready to hurt the shorts. That’s for right now obviously and things can change.
Biotech came back today (IBB), but it does look tired and its getting near the top of the channel. I watch this every minute. We may see a nice correction on biotech soon, or a major breakout, so its a really interesting group to watch.
Right now the shorts are petrified to short the Fed as Janet Yellen is semi dovish and data dependent. Its still a macro bull market that probably ends the year near 2300. That’s my take. You pay me for “my” take. I care nary a wit what the economists say.
Its still all about individual stock selection and watching sectors as they rotate around.
What I see…………………………………………..
Everyone loves APPL, but they took profits today and its probably a short term short (traders only).
NFLX seems destined for higher prices and its a perpetual takeover candidate. BABA, YHOO maybe AAPL?
TSLA is breaking down, so watch from short side. I added it tonight as a short. Heres the chart. If you cant short maybe do some put options 9 months or a year forward. I like that trade a lot. Chart is sickly. No one wants to be the last man standing on this one. Thats how hedge funds think. We are probably early.so longer term view. I’m shorting the 201.70 area. in the common.
