Trade Setups for May 17, 2010
So far so good on the futures in the early morning, as Asia is selling off hard. Gold continues to be the flight to safety option, and crude prices continue to drop hard.
Unless, we get an overnight, change-of-heart, this morning gap down is looking very good for my very-short portfolio. Should we get another sell-off in excess of 20 or 30 points on the S&P, then I will likely be covering a lot of my short positions and moving to cash to wait for a rally of some kind, before reloading once again.
All my stops have remained the same across the board, but like I've already said, should this heavy selling continue into the open and beyond tomorrow, I will start covering these short positions of mine to take profits off the table.
Things could get really ugly tomorrow, and wouldn't be surprised to see us really go down hard and fast in a similar manner to what we saw on May 6th.
Here are Today's Trade Setups...
SHORT: Abiomed (ABMD) SHORT: Cameco Corp (CCJ)