The following Short Trade Ideas have all exceeded their previously suggested stop criteria and will be moved from the Active Trades to the Completed Trades category: JASO, MU, STT, C, & FITB. There are several other trade ideas, both long and short, that have not exceeded their suggested stops but may be removed soon to make room for new trade ideas that offer better R/R profiles at this time. The AVL long trade also recently moved below its previously suggested stop level and will also be removed. (The AVL stopped out trade will also be covered under a separate post, assigned [...]
Although shorts remain counter-trend trades at this time, the charts on many sectors as well as the broad markets indicate that at least a near-term correction is likely. I've been tracking several clearly bearish charts on the banking sector, both regional banks as well as the mega-cap financials, such as JPM, BAC, WFC, etc... FITB (Fifth Third Bancorp) is a Midwest regional bank offering an objective short entry following the recent breakdown below this uptrend line. The first & only profit target at this time is 16.92 with a suggested stop over 18.38.