It was another hum drum day as prices dipped lower yet again. Dow futures were up about 100 points just before the open today, but it faded quickly and the Dow ended 50 points lower.
Energy is becoming messy again and may want to put shorts on in energy and crude. I would play ERY long and SCO long to get that done.
Materials XLB got slammed again and fell over 2% and metals and mining XME cant find bottom and fell 3%.
Biotech IBB is still in the wood chipper and may be working on a bear flag. Still early though. Downside volume has been substantial.
Bottom line: Although we could have a snap back rally at any point, the charts are still in trouble and I think any rally will be short lived.
If you are doing some chart work tonight, I’ve isolated some stocks that could go a lot lower. These aren’t on the P&L list, but could be at any point, but you may want to put them on your short watchlist at the very least.
CMPR
CNX
FTI
KLAC
MAN
QLYS
ITW
ROST
TSS
URI
See you in the morning.