We came into yesterday with 15 shorts and one long on the Professional Edition chart pick list. When all was said and done, it was a pretty good day.
In last night’s Professional Edition, I added 4 more picks to the list, surprise-surprise, on the short side. It could have been 104. Never have our cycle based screens spit out so many potential picks, either long or short. I was up half the night reviewing them, and finally settled on 4 that hadn’t gotten crushed yet and look ready for their turn in the barrel.
Unlike the usual procedure where I simply use the next day’s opening price to add the pick to the tracking list, I indicated a sell stop price to trigger one of them, so that one is conditional. The other three, rather than tracking as of the opening print, I suggested that we should use the price at mid session. I thought that it probably would not be a good idea to come in at the open. Mid day might not be a perfect time to enter, but I guessed that it would be better than the open.
It’s going to be interesting to see how these plays play out. At this point, all 15 shorts on the list are in the black. That’s pretty rare, and when it has happened before, on either the buy or sell side, the next day’s performance has been pretty bad. If there’s any downside follow through in the market today, that would be a telling sign that something different is in the air for this market looking ahead.
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