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Short-Sale Set Up - General Comments on Recent Short-Sale Reports

With the NASDAQ Composite and the S&P 500 both clearing their 50-day moving averages today on higher volume, the odds of significant success on the short side diminish significantly.

Reports on TSLA and NFLX were sent out yesterday as the two stocks were approaching potential resistance. TSLA has moved lower after finding resistance at its 50-day moving average while NFLX has pushed just beyond its 10-week moving average. TSLA therefore remains in play but NFLX can be considered to be stopped out. Given the general market environment and the fact that today's breakdown in TSLA was helped along by a negative report from Citron Research, one might consider taking profits if a short position was taken at the 50-day line. 

FB and MCD can also both be considered to be stopped out. We are interested to see whether FB can "re-breakout" through the 110 level, something that is a real possibility if the general market rally continues.We would only be interested in revisiting these on the short side IF and only IF the general market rally fails. So far there is no evidence to support a rally failure thesis, and we would avoid the short side of the market until such evidence is in fact seen.

This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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