Sure the stock market is selling off right now, but I wouldn’t let that compel you into thinking that this market is going to fall into a bigger sell-off at this point.
I mean, as of this post, the S&P 500 has only sold off a whooping 2.8 points today!
Though 2.8 is the new 28 point sell-off on the S&P 500, the reality of today’s selling is that the market has hardly moved off of its all-time highs and still holds short-term support levels such as the 5-day moving average.
So don’t get excited by the intraday weakness at all, because the trend of late, and it has yet to be proven wrong, is to buy the intraday dip.
Below is my watch-list of short setups I am watching, but once again, I am not taking any of them. Not that I don’t want to, but the timing has to be right with the market. We can’t force the issue when the market won’t let us. So stay patient and be ready should the opportunity rise. But for now the opportunity remains a pipe-dream.
Here’s the bearish short setups:
