Just Someplace Warm, Ok?

As March comes in like a lion for many parts of the country, the market is pausing a bit this morning. My positions are drifting against me, with my CRTO long slightly red my CAT short rallying a bit higher. I have been playing super tight of late, opting for a grinding approach of very small losses and scaling fast gains in UGA after locking in back-to-back big UGAZ wins in February. And I do not see much at the moment to change that strategy. 

BABA is a name worth following-up on, consider this blog post from January 4th. In that post, I compared BABA to GPRO. At the time, BABA was trading above $103. But I surmised that the stock could easily follow GPRO lower in the coming months based on the technical setups. 

As it turned out, both BABA and GPRO sank again. It just goes to show that even in a one-way bull market that sound technical analysis concepts are worth respecting, as BABA sinks to new lows this morning, seen on the second daily chart, below.

And AXP is a candidate for a fresh short entry after its major head and shoulders top breakdown and subsequent bounce-back. While many are looking for a false breakdown here, I suspect this pattern very much remains in control until proven otherwise.