due to a backed up septic system that i’m working on getting fixed today, i’ve been unable to find the time to post any charts but i will say that i used the post-opening rip to add some index shorts (FAZ, TNA short and QQQ puts) to add back some short exposure. while i was on vacation last week, i was stopped out of a couple of positions and had some standing limit orders filled on a couple of others as profit targets were hit. therefore, i am using any strength this week to scale back into some shorts for at least a pullback trade. i’m using the index shorts today until i get the time to review the charts and find the most attractive looking individual stocks.
here’s the updated IWM 60 min chart. this is completely an intuitive/anticipatory trade as IWM actually broke out to new highs today (typically bullish) but i believe the odds are good that this breakout will fail today or tomorrow, producing a nice downside reaction once the failure become evident. disregard those stop level annotations, those were from the last short trade after the channel breakdown. although i haven’t had time to update the targets or minor support levels either, they should still be valid. i’ve also included a 15 min IWM with some fresh targets as well. more to come when i get a chance.
