Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Markets Changed Their Tunes Today

Published 02/03/2016, 02:59 AM
Updated 07/09/2023, 06:31 AM

"We must use time wisely and forever realize that the time is always ripe to do right." Nelson Mandela

We’re working off overbought levels well now but we do appear to be headed lower in the very near future now.

Seeing banks fall today and iShares 20+ Year Treasury Bond (N:TLT) rock is part of the recipe for lower markets and stocks.

I’m short SPDR S&P 500 (N:SPY) and Alphabet Inc (O:GOOGL) now and looking for more with some nice short sale levels.

SPY Daily Chart

I went long SPY twice today and stopped out for small losses and then I went short as I sold the last go round.

I’ve got a 15% weighting short from 189.90 now and my stops are right around the 190 area in case we do bounce but it’s looking weak and tonights earnings numbers are likely to weigh heavy on the SPY by the time we open up again in the morning.

I also tried to short some Baidu Inc (O:BIDU) but took a $1 loss there per share but I ended up being right, but not willing to give it much room to work.

BIDU does look like a good short perhaps tomorrow and I’ll get into that later.

I also tried to short Facebook Inc (O:FB) and took a $0.50 loss per share there so no big deal and it may break soon.

It’s still very choppy with tons of poor action and that usually points to lower prices so I am now actively looking to get short in a good sized way.

Enjoy your evening and start looking to short stocks.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.