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SSS - Thoughts on the Short-Side for Tuesday, September 27th

With the market in the third day of a rally attempt off of last week's low's, we see two of our short-sale target stocks, BIDU and SINA, rallying up into potential near-term resistance at 130 and 90, respectively. We would look at these as being shortable on these rallies up into those price levels, and one could test short positions here, within 2-3% of the stops, using those price levels, 130 for BIDU and 90 for SINA, as your upside stops.

With the NASDAQ Composite pushing up to its 50-day moving average at 2570, this is a logical area to test shorts, with the idea of perhaps getting more aggressive if the index shows some high-volume rolling over from any point at or near the 50-day moving average. Otherwise, keep stops in mind and don't be afraid to test the short side into this rally, but be ready to turn and cover if the rally becomes too persistent.

The market is rallying on news of a European "solution," as well as yet another potential government shut-down being averted by Congress (although we consider this to be mostly a lot of noise either way), and this seems to be consistent with the heavy news-oriented volatility we are seeing.

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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