It's a little over an hour into the trading day, and I'm surprised how little the Dow is down.
I'm doing great so far – my portfolio is up a nice, solid 3.5% just on the 70 minutes we've been open so far, and my charts are looking good. But with the GLOBEX down hard before the open, and Shanghai down over 1,000 points, I was expecting more of a rout.
I am most optimistic about my short plays on oil-related items. Crude oil, as a commodity, is up today, but OIH looks nicely poised for a fall (see prior tinted areas, similarly situated against the fib fans).
As for the Russell (my former favorite, now temporarily untraded by me), we're at the DMZ. The green tint was a bullish setup. The yellow was the breakout itself, but it's run into trouble (see magenta areas). It's a very un-clean breakout and subject to failure. So this line needs to be watched closely.
