bobcor, I think I understand you better now
Whatever definitions we use, six filled candles in a row on the NDX doesn't look good, especially since we haven't seen such during this rally. However, this movement is rapidly bringing us to oversold, so a bounce might be imminent.
Like you, I'm patient for my shorting. The "second roll" is the one I like to try to get in on, so a top from whatever level the next bounce brings us to will be the one I'll be more likely to jump on.
Just as a matter of personal taste, it's unlikely I'll be with you on your "glamour trash" for shorting. While I'm sure they'll have their significant correction, and it will be a profitable one on the downside for shorts, I just don't like stocks that have a tendency to snap back quickly ST. More commonly played stocks of this behavior are QLGC, of which I had to wait forever to get out of a short profitably last year, and C which has repeatedly burned me on the short side. There will be plenty of other issues ripe for the downside (there are some already) and I'll probably choose from them. |
