10Mar11:47 amEST
Pointing the Way to These Two Setups; Chess Moves
On their respective daily charts, below, both GILD and QIHU look to be actionable shorts setting up on any further weakness today. Note that GILD is still threatening a major top, as big-time biotech, while QIHU is in a downtrend and could easily be bear-flagging here.
As I write this, dip-buyers gave it a go this morning but look to be struggling to sustain a bounce, which means a trend-day lower (meaning an intraday smooth downtrend of lower highs and lower lows) is certainly on the table.
Regarding gold miners, while they are green right now I do not yet have enough evidence to take a long NUGT trade.
UPDATE: I just covered half of my short $UAL from yesterday here at $64.54 from $66.38 entry yesterday. Stop moved down to entry.
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