For today, the UNH (chart below from earlier) worked well. CMCSA was not ready today for a trade.
CMCSA is in a sym triangle, which could break tomorrow. If it breaks lower, I might initiate a short position. Looking at the daily chart, this could be the early stages of a very large downtrend. But, for now, I'm just taking the swing targets on the way down, one at a time. Of course, this could decide to break higher tomorrow or in the coming days, if so, then a total re-eval is needed.
Notice the series of lower highs and lower lows, indicated by the small horizontal yellow lines. I did not put the lines on the exact price, to avoid clutter.
Here is an updated 60min chart.
Tuesday
Clearly CMCSA 60 min chart needs to settle down before shorting this. Idea only for now. If the 60min starts to turn down, then it will complement the daily and then look like a good short around 15.20 / 15.90. Also need to be cautious of possible Bull Falling Wedge 60min, but that still has downside and might convert to down channel.
UNH short might be better (see post below) ... will be looking at both in addition to the TZA.
Double click on chart to see full size.
* ChristopherStockGuy is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. For details, see the post from SATURDAY, AUGUST 15, 2009 titled "Disclaimer".
Hope you didn't short this one
ReplyDeleteI'm not short here. I did short it, but closed it the same day. Never was a swing overnight.
ReplyDelete