Markets slowly bled today mainly because of a major economic report indicating that China's economic growth is slowing and that could hurt the world economic recovery, as they are such major players in importing and exporting raw materials and goods the world needs.
S&P is testing multi-month support and appears to have formed a head a shoulders top pattern, which if it breaks this support level, we can see some major downside! I have been keeping a lengthy list of potential shorts and keeping my longs on the light side.
My only short position right now is RIG. My target on this is the June low ($42.50ish).
I would be very cautious in the market right now. If you are long, I would put on some hedges, buying some inverse ETF's or shorting some stocks to flatten out your long positions. This market may bounce here a bit because of the support, but I think it is only a matter of time before we are headed even lower.
S&P is testing multi-month support and appears to have formed a head a shoulders top pattern, which if it breaks this support level, we can see some major downside! I have been keeping a lengthy list of potential shorts and keeping my longs on the light side.
My only short position right now is RIG. My target on this is the June low ($42.50ish).
I would be very cautious in the market right now. If you are long, I would put on some hedges, buying some inverse ETF's or shorting some stocks to flatten out your long positions. This market may bounce here a bit because of the support, but I think it is only a matter of time before we are headed even lower.
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