As you may know, I trade few titles and hold for a couple of days only. I usually look to hold 1-5 days. This may be elementary comment to most but as I many a times, I am green. I was never really paying attention to the general market directions. I think was getting getting dropped out at my stops when the market in general was moving against my trade. so for January. I will start looking at general market trend and try to trade with the trend only.
For the short-term, we have the NASDAQ down, the S&P somewhat lateral and the Dow still up. So for today, I was hunting for a few shorts on NASDAQ only. I am starting with two titles for now: SVNT and UNTD.
UNTD showed a nice uptrend but it ran out of gas and I am gonna predict downward movement in the near the future. With the NASDAQ short-term trend down, this could be an attractive short. I would be looking to get in if the price falls below 13.30 with a target around 12.40.
We have a similar situation for SVNT. Had a nice uptrend for September, October and November. Trend ended with divergence from the MACD histogram. Another NASDAQ title that should go down in the current NASDAQ short-term selling action. For SVNT, I would be looking to get in around 11.21 with a target around 10.