i’ve been working on updating the Trade Set-ups and Active Trades categories recently. so far, i’ve removed (to the Completed Trades category) a couple of trades that hit at least their first targets recently, such as KOL and ACI. i’ve decided to leave the TAN long active trade on for now since it is currently trading only slightly below entry. however, i wouldn’t be surprised to see it stopped out today based on the stop criteria that i’ve added on this updated 4 hour chart (tight stop below today’s lows, a slightly more liberal stop under the early june lows). on a related note, the FSLR long, a leader in the sector, continues to hold up well since entry and still looks positive (i am long some FSLR in an IRA).
for now, i continue to favor additional downside in the markets and i am still positioned net short but i do own a few select longs as well. i am now giving my shorts a little more “swing trade” bias here and continuing to take quick profits on most longs. one group of stocks that i am monitoring are what i call the “untouchables”, those stocks which both the retail and institutional crowd has been enamored with and are (mistakenly) considered “can-do-no-wrong” safe-havens by the masses; names like AAPL, CMG, PCLN and AMZN. from a longer-term perspective, all of these stocks look to me that they may have possibly already topped, although it’s still too early to say with any degree of confidence. for now, the near-term technicals remain mixed, although i continue to believe that the longer-term charts remain bearish, hence my (slight to moderate) near-term bearish bias.