I officially went short today on full margin with three positions. 250 SVN, 200 RINO and 200 IPXL. I am looking to hold onto SVN and RINO for atleast a few weeks. However, IPXL I will likely be out of by next week unless it makes a big break down. IPXL is still very much a leading stock and I do not expect it to break below its 50 day MA. So I will be looking for a quick exit.
I like APWR on the short side. I believe that Chinese stocks are the stocks to be short of. So I may exit the IPXL trade just to short APWR and therefore be 200% short Chinese stocks.
I have already made my Chinese bear hypothesis clear in a few posts previously. I have no idea if the markets are at the begininning of a correction here. I am simply trading off the set ups in individual stocks.
Back in February and early March alot of stocks were forming bases. Many of which I highlighted on my posts and actually traded. However, now I am seeing few sloppy bases, lots of stocks extended after running up 20% - 25%+ and many stocks forming "inverse cup with handles".
So the evidence is clear. I am already short and sitting on a 4% profit for the day. Its left to be seen whether a correction/pull back will play out or if support will rapidly come back into the markets propelling them to higher highs.
What ever you decide to do make sure you stick to your system.
Good luck and good trading!