Although the market in general has been steadily making never-before-seen highs this year, I have been doing pretty well with my nothing-but-shorts trading. A few sectors of special concentration for me have been energy, financials, and retail.
This last one in particular did nicely for me today, as a variety of shorts were smashed by Macy’s (NYSE:M). Looking at the big ETF retail fund below, you can see the topping pattern is still forming, although there is a pattern-within-a-pattern tinted in green that’s very close to failing.
Looking closer, you can see a clear-as-glass example of a massive head and shoulders pattern. I haven’t covered a single short in retail, and I look forward to much greater gains.
In fact, Monday morning my first post of the trading day suggested to Short Dick’s Sporting Goods (NYSE:DKS), and, well, that turned out quite nicely.
I’m going to go into a much more detail with my Slope Plus readers now, but those are my basic thoughts.