The current juncture in the market really does look like a great shorting opportunity to me right now. Perhaps one of the best ones since the August 2011 plunge.
We have the sp500 moving upward in a rising wedge fashion and now we are getting a tease under the wedge. The market is likely still in the DE NIAL stage right now and I am not talking about the river in Africa.
The market has been a swing traders paradise. We do not seem to have any type of trending market. Instead we have large trading range market and that means to catch the turns when they become obvious. The current turn is starting to look obvious.
Again I am seeing possible dramatic downside from here and possibly FAST given the nature of drops from a rising wedge.
The AAPL and AMZN bull runs are done. So the big dogs are starting to stumble so we can see now a picture where finally the long term leaders are starting to crack. The trash stocks already tanked. The mid caps are still in denial and have rallied and held their ground. But now we see the whole bunch heading for the final act which appears to be hard down at the moment.
