Today’s move in the market broke any hope for a continuation in the rally.  The NASDAQ broke its trendline and indicators are pointing lower.

I put all remaining positions out of their misery by closing the ones I hadn’t been stopped out of yet.  One stock from my watchlist, NFLX, technically triggered, but I didn’t take it. Might continue watching this if the market bounces, but only for a daytrade.

I took a new position in TLT, which  I think looks good here.

I posted a chart of UUP last night, mentioning that it looks like it could go lower. I couldn’t have been more wrong.  Dollar strength likely means lower prices in stocks.

It was the Euro and dollar that signaled the beginning of this summer rally, and they are now signally its end.

The good thing about a falling market it more volatility, which means day trading the 3X ETF’s is going to get more fun. See how I day trade these here.

Trade Ideas for 08/12/10:

I rarely short stocks, and usually don’t consider it until the market is close to a bottom. But I do like a couple stocks as shorts and will watch for entries tomorrow. They include:



Good luck and good trading!