When The Market Gets Extended, Try This
When the market gets extended,
like it has in these most recent times–I personally start
to look for interesting-looking short-side
candidates. I’ve been a pretty decent bull during the past
several months, but when price extension is obvious, and even the intraday longs
are harder to come by–the ones that make it all worthwhile–then I do start to
pursue ‘the dark side.’
10:31:40
Intraday Setup Alert
Sandisk (SNDK)
is testing
Slim Jim supports on the extended intraday chart. This is also near gap
supports, as well as the 50-day EMA. The Low RS issue has recently made a contra
run up, with the rest of the market, but today’s action–which looks to be
putting in a bearish engulfing bar–might be considered as a possible short on a
breach of key supports. SNDK is down 1 point at 66.84.
…yeah, I know, ‘my bad.’ But, honestly–with a method to my madness in
place, things could have been a whole lot worse.