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SSS - Thoughts on the Short-Side for Monday, October 10, 2011

Despite some sharp rallies in a number of beaten down leaders, most are not getting past logical areas of resistance. AMZN has only rallied 2-3% past the 20-day moving average, while AAPL has rallied more or less to its its 50-day moving average. CMG has rallied 2-3% past the 300 price level, but has found resistance under its 50-day moving average. If the market acts weakly going into the close, it is still possible to test these names on the short side, in our view, using the highs of today as a quick stop. If you are already short these names, they are all within 2-3% of potential stop-loss guide levels, depending on where you have set them relative to your own risk tolerance and position sizing, and one could wait to see how they close if the market continues to weaken into the close.  
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