The short game
I've been playing the short side for a couple of weeks now. Makes me sleep better in the current environmnt. Just in case someone is interested, here's the scan for possible candidates
Output="GBS Short.lst";
float fPriceChg, fVolChg, fYearHigh, fyearLow;
ProcessMS="c:\Meta2\Scans\GBS Short", VMS;
exchange=NYSE, NASDAQ, AMEX;
fYearHigh:=max(-1,-250,cl);
fYearLow:=min(-1,-250,cl);
//VolChg in terms of its %age change above or below the 50 day average
fVolChg:=0;
if AvgVol(-1,-50) > 0 then
fVolChg:=(Vol(0)/AvgVol(-1,-50)*100)-100;
endif;
fPriceChg:=Close(0)-Close(-1);
if fPriceChg <= -1.0 and // min 1$ down
close(0)<movavg(-1,50,cl) and
fVolChg >= 100
then
println symbol:-6, ", ",Description:-14, ", ",close(0):6:2, ",",fPriceChg:4:2, ",",Vol(0):8:0, ", ", fVolChg:6:0, ", ",PE:4:0, ", ",fYearHigh:6:2, ", ",fYearLow:6:2, ", ",QRS(0):4:0;
endif;
The setup is similar to Gary B. Smith's (TheStreet technician). It's quite simple, that's why i like it.
Look for major broken support lines on unusual heavy volume. I prefer EPS/RS below 50. Don't use too tight stops, you'll see some dead cat bounces in the morning after a decline.
Target: a couple of dollars, i try to exit before it hits the next major support.
Played IMSI, BKI and UNH today.
Comments welcome
Jurgen |
