We could have a brief snap back rally tomorrow or a continuation of this sell off....
Here are some ideas:
I am interested to see what is the trend for BNI after reporting a nice profit, it is possible that this stock tradesideways. But if it breaks the trend line, it will be a great short opportunity.
GS has formed a classical bearish wedge, I am looking forward for this stock to make further pullbacks.
As for the DOW, it could break down anytime. If you want to act quickly in the event of the break of support at 78.29. Try getting some puts on DIA. The next level of support is at 77
XOM is very much part of the DOW and SPY, today is Oil day......keep an eye on the stochastics for a quick snap back rally before any possible decline.
Ok, I guess 4 ideas is enough for now. I bet you would not have much time for too many.... ;)
Remember, anything is possible....no biases here!
Before I forget, I suspect this recent selloff is also part of a strategy to draw the shorts especially people buying puts. You need to be aware that next week will be full of Futures and Options expiry...so don't get burnt by the time decay.
MMs have limited capital to short the whole market...so my suspicion is they are now focusing on the DOW component stocks...
So the DOW component stocks are very likely to lead the next leg down and it has begun....I will be looking forward to buy a lot of these names once 5th wave is complete.
Watchlist:
GS, DIA, BNI, XOM, AAPL, POT
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