SSS - Short-Sale Target Stocks Rallying into Potential Resistance
We note that a number of stocks on our short-sale watch list have rallied into logical resistance. For the bold and the restless, and those who wish to short the market into President Obama's "jobs speech" tomorrow, take a look at the following stocks: UA, TIF, EL, PX, BIDU, SINA, SOHU, AGU, MOS, VMW, AND RAX. Some of these are rallying into overhead supply, the 50-dma, the 200-dma or the 65-edma. We suggest reviewing these on a real-time charting system.
We would suggest using a tight stop on the day, 3% or the intra-day high of the day for any of these should one choose to take short positions. Also, take measured positions depending on your risk tolerance in case there is a gap-up open tomorrow, although we tend to think that any good news coming out of the speech is likely already baked into the cake.
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