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There are two broad categories of short opportunities I am finding – – the first is an inverted saucer that had a huge plunge to March of this year and has recovered all the way back to its failure point. BCS is a superb example of this.
The second are items whose trendlines have been broken. One example – QLD, shown below – is the ultralong on the NASDAQ. Some people don’t believe in technical analysis when applied to ultra-ETFs; I disagree. A chart is a chart is a chart.
I'm not sure if Paris Hilton is singlehandedly propping up the retail economy, but the fact RTH is still so high is surprising. The withering volume is interesting, nonetheless.
First off, I was delighted to see the prodigal commenter, BovineStew, show up again last night. Slopers were about to put together CSI:Finance to find the guy, but he showed up on his own. Even though BS has been gone just a couple of weeks, it's been quite a couple of weeks, and he has some catching up to do (example question: Who's Mike?)
On a separate note, traffic had an inexplicable push higher yesterday to a new record. I really don't know why – it certainly isn't because the market plunged and people wanted to check out "the bear blog." My theory is that MyTrade's elimination of all related employees and personnel (like me) drove folks here to read my stuff. In other words, I was one of the most popular content sources on MyTrade, but now that I'm no longer there, perhaps people decided to fire up their web browser. Anyway, just a theory.
It's a pretty quiet news day – Thursday and Friday are pretty action-packed – so let's see where the currents take us today.
