I've added a few more oils to the list of shorts and have taken positions in them this morning. The added names are CHK, COG and EPX. As noted earlier I've added to the COP and VLO shorts and this is probably my fill in this sector.
The attached chart is typical of all of them.
New highs, a retrace and a push back higher on lower volume. The thought is that they don't have the juice to push to new highs and we get a lower low which turns the intermediate term picture as bearish. So I'm taking short positions in them with stops placed at points where I believe I'm wrong if they rise that high.
Overall the market is lethargic. I've taken a short position once more in the DJIA futures for another trade as it inches higher this morning.
The attached chart is typical of all of them.
New highs, a retrace and a push back higher on lower volume. The thought is that they don't have the juice to push to new highs and we get a lower low which turns the intermediate term picture as bearish. So I'm taking short positions in them with stops placed at points where I believe I'm wrong if they rise that high.Overall the market is lethargic. I've taken a short position once more in the DJIA futures for another trade as it inches higher this morning.
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