I still don’t feel safe shorting stocks yet or else I would be short this whole market as it feels it is just a matter of time before the market falls apart here. I see the SSEC-X (Shanghai Composite Index) is rolling over and hitting new 52-week lows at the same time the Nasdaq hits resistance right at the 200 day moving average. The poor action in US and world markets just does not have me bullish on equities. However, finding proper short setups has been a little hard. Since I have a history of making money in bear markets I know what to look for. Sadly, not much of what I am looking for is showing up. The good news is one stock is reversing a recent breakout and MIGHT be a decent candidate as long as the whole group continues to selloff. BNI looks the exact same way as CSX so I hope I have the whole group working on my side.
new short position: CSX
CSX is breaking down below the 50 day moving average, on very strong volume. Cut your final loss with a close above the 50 day moving average, if the stock does not move lower immediately.
