Take a Lithium

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I’m starting to think it’s safe to go in the water again. I had said a number of times on tastytrade that I would be interested in shorting again if the Dow got to “the low 25000s”. It got up to about 25,200 this morning, so I started shorting again, rather aggressively, including buying IWM puts. As for one specific idea, here’s chemical maker FMC Corporation:

slopechart_FMC (1)

Besides having broken a major supporting trendline, it also features a very clean topping pattern with a squeaky-clean stop-loss price.

slopechart_FMC