It is no coincidence that the only trades on my watch that worked were the shorts as the markets were very weak today. Any follower of my blog should not have been surprised by this but prepared with shorts like $SCON and $QPSA (which I tweeted). This sell off was a long time coming...now I think we get a bounce!
There were only two triggers from last night's watch list: $EEE and $SCON. $EEE triggered and reversed hard. If you had followed my rules you should have been out of this @ $3.95ish for a small 1.85% loss on equity assuming a $4.10 entry since it gapped up and a 50% position size. $SCON triggered right on the open, never came close to the stop loss and pushed down gradually into the close. This position should still be open looking to book profits into any sharp sell offs tomorrow. I also tweeted to short $QPSA @ $10.25 with a stop loss @ $10.60. This too should have been held especially since the markets were also weak. Current shorts should be looking to book profits into any panic selling tomorrow since I think we are going to bounce.
WATCH LIST
$CYAN: long above $3.75 with stop @ LOD.
$EEE: short below $3.50 with stop @HOD.
$IBIO: short below $4.00m with stop @ HOD.
$THLD: long on push through $2.25 with a $2.15 stop or long on red/green move if it gaps up with stop @ LOD.
Good luck and good trading!
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