Disappointing day for bulls today as what looked like would be a soaring open when futures opened Sunday night on news that Spain was seeking a bailout, quickly vanished as the US market open came about.
I think for the most part, that this market has grown tired after registering its best week of the year last week, and for it to continue mounting gains day-after-day is quite difficult, and the fact that it lost momentum just below key resistance levels, leads me to believe that recent strength is more of a dead-cat bounce than anything else. To prove me wrong, the bulls will need to cross some key price levels first (most notably 1335 first).
As a result, I’ve added 2 new short positions to the portfolio and missed another that would’ve probably have been my best short of the day. I was waiting for stock to bounce but instead it continued to march lower. It happens!
Here are the trade I made today:
