ERX, time to start shorting

It's always scary to go short leveraged longs in this frankenmarket but you got to start sometime. Since I am the opposite of a trend follower I initiate a small short position at this level, then wait and then accumulate some more if it goes against me. If it start to retrace right away then the profit will be moderate but still a profit.

BIB is next to get Tom Pettified

What goes up must go down, but in the case of BIB it's more of a bounce and now the time for a bounce back is closing in. A good level to retrace back to would be around 40% of the peak.

Ok but not super

Some sort of double top formation going on. The risk here is that a chart can gather strength after a dip. The positive is that an argument can be made for a touch of resistance going on. The climb of the second top is also smoothly exponential which is a good sign for shorting. I'd like to put a large bet since I don't have many things to play at the moment but the sensible thing is to put a small bet on this at this moment.

BOT of the day

Or week or year? It's just so big and round, it's just so out there. It must be one of those rappers girlfriends...

Now it's time

Update on VIX: I wrote earlier that it looks interesting but I'm not quite ready to short it yet. Well, now I am. As always when trading BOTs I'm hoping for an overshoot as the perfect time to move in. Actually I already started but only with a minor amount. It's also interesting to think what this implies for the general market. A sharp correction coming? I'm going to play this by shorting XIV (inverse VIX). If it goes against me I'll add UVXY (2X VIX).

New scanner

I've developed a new scanner that keeps track on down and up trending stocks for the last number of days on AMEX, Nasdaq and NYSE. It collects the top 200 that increased or decreased the most together with some other filtering criterias. When this simple result is displayed together with charts I can just visually scan these charts to see if any of them have an interesting climb or slope pattern.

Yesterday I shorted CXDC based on this scanner. Right now I find CUR interesting for a short.