mcweazy,
I'd say EMLX is too premature to short. H&S, yes, but it hasn't failed at the neckline just yet. I'd wait until it does. Also, there are no big gap downs on high volume, which I like to see in a short, indicating big money bailing. So, for the moment, EMLX is still in a technical uptrend, though as you suggest, if the H&S fails, that will likely end in a big hurry, and we'll see big gap downs on high volume.
Tomorrow is not shaping up to be a good short day anyway, since the Naz futures as I write this are up 2%. If that holds, the Naz will gap up. Remains to be seen whether this holds, but a strong open will constitute good follow-through from Friday.
That's okay by me, since it just means that many of the "watch" shorts will set up nicely for the next down cycle, and likely present just the entry opportunities I'm waiting for.
JMVHO, of course............
WS |
