"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.
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.