Coming to top of 2 year base. Suspect it will fail. May take some time as it is acting bullishly contrary to the general market. A bull could argue it is a breakout candidate. No position yet, nothing on dailies to set it up now.
Short watch, have not taken the short yet. Its moving into long term resistance, triple top, either breathrough or failure, or breakthrough then failure. Given that the market is in a bear state, I favor the short side when stocks move into resistance.
Entered short on break of yesterdays low. 19.65 trigger - was late to enter. Short YHOO at 19.43. Stop loss 20.20
Position trade: Short the SP-500 via rydex. Average price will be about 81, roughly equivalent to 922 on the SP-500
SHort BVF 40.15. Hit the gap after the bounce and can't penetrate (thus far). Stop 40.55. Huge volume around 38, initial bout of selling brought it down to 35, now the relief is terminating and the idea is to catch the next wave down, driven by a second wave of selling. Stop in place in the event of the 2nd wave does not emerge at this juncture, or not at all. Stocks seldom survive a shock event like the gap down and huge volume selloff of last week and repair quickly to resume thier uptrend. Might close the gap at 42 but I leave little room for error if it does i am out well before. Ultimate target 32-33.
Stopped out of BVF -.40. WIll look to re-enter. Holding modest RYDEX inverse funds (short vehicles) and QQQ puts. Am prepared to deploy significant capital in short positions if a full reversal takes shape.