Monday, August 11, 2014

Top of the Range

We are very close to what I believe is the top of the range from 1891 to 1936.  Since we have a strong gap up today,  I don't expect a selloff today, but it should come either Tuesday or Wednesday.  With what I see as very limited upside and lots of downside, the risk/reward favors shorting at these levels.  But I will wait for a couple of hours after the opening bell, because of the possible gap and go scenario.

No rush to short today, probably short either late in the day or tomorrow morning.

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