The major averages fell yesterday on mixed volume as the S&P 500 closed back below its 50-day moving average. The NASDAQ Composite closed below its 10-week moving average which is serving as resistance. Futures are higher as the bounce in oil and Chinese stocks continues.
This morning's futures jack comes as a weak Chinese PMI number overnight fed hopes of more stimulus to come from Chinese central bankers. However, we would tend to view such rallies as potential short-sale opportunities, depending on where our current short-sale target stocks, AAPL, TSLA, NFLX, FB, and MCD are in relation to areas of potential overhead resistance.
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