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Eastman Kodak has held in well after S&P demotion |
Over the last few days we’ve seen some choppy action. We’ve seen some upper ranges break on the best stocks of this most recent three month move. Yesterday was my first time listing some short strategies as I’ve been seeing some nice set ups for cash flow to the downside.
As traders we always have to keep our eyes open for small complexion changes. Those that saw that in Netflix, Inc. (Nasdaq:NFLX) as it faded on S&P Addition day could have made some nice money short yesterday. VMWare, Inc. (NYSE:VMW) gave some nice follow through to downside after the topping tail as did Lululemon Athletica inc. (Nasdaq:LULU).
I enter today net short and will be looking to cover some around 1227-1232. There are lots of two-way trades developing as we are in a very stock specific tape now. I went to largely cash Monday and then net short yesterday, but I’m not looking for much.
I will hawk Amazon.com, Inc. (Nasdaq:AMZN) to see if I can get another good short if it breaks $173-174 with volume. I will use my 80-20 rule for oversold stocks like NFLX, Las Vegas Sands Corp (NYSE:LVS), E-commerce China DangDang, Inc. (Nasdaq:DANG) and Youku.com Inc. (Nasdaq:YOKU). Eastman Kodak Company (NYSE:EK) is still holding up well above $5 and could be ripe for an additional move.
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