but on the intraday chart, it's a swan dive:
This bear market rally has to end sometime, and it may have been today. But there are a couple of competing Elliott Wave counts, and the textbook one would have us drop no lower than 1040, followed by a rally to new highs. Let's first see if there's follow-through on today's decline. We sold DXD for a loss and bought JAZZ and FXP (but only if we didn't own it already.)| Current Holdings | ||||||
|---|---|---|---|---|---|---|
| Ticker | Basis | Closing Price |
Perf. | Sell-Stop | Addl Exit Guideline | Chart |
| FXP | 8.96 | 9.17 | +2.3% | 8.43 | N/A | Chart |
| JAZZ | 10.01 | 9.72 | -2.9% | 9.09 | N/A | Chart |
| DUG | 14.31 | 14.32 | +0.1% | 13.73 | N/A | Chart |
| WFR | 17.58 | 18.34 | +4.3% | 18.14 | N/A | Chart |
| EL | 37.18 | 36.98 | -0.5% | 36.23 | N/A | Chart |
A full slate of short ideas tomorrow, plus one long. Thursdays can be very tricky; one pattern that happens often is a continuation of Wednesday's trend for the first 30 minutes, and then a reversal. Therefore, I would be cautious about taking on more than 2 shorts in the first 30 minutes of trade.
| Ticker | Entry | Exit A | Exit C | Chart |
|---|---|---|---|---|
| SOLF (Solar Fun) | 7.01 | 6.49 | N/A | Chart |
| SRS (Ultrashort Real Estate) | 9.56 | 8.71 | N/A | Chart |
| SKF (Ultrashort Financials) | 25.11 | 23.58 | N/A | Chart |
| QID (Ultrashort QQQQ) | 23.17 | 22.06 | N/A | Chart |
| TWM (Ultrashort Russell 2000) | 28.06 | 26.65 | N/A | Chart |
Please refer to "How To Trade The Ideas" (right-hand side) to read this table.
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