The bears are in full control of the market so far today. There is no mistaking that.
But the internals don't appear to be painting as bad of a picture at the moment.
- Declining issues on NYSE is over 2000, just barely, but many of the similar sell-offs have been in the range of 2400-2700.
- VIX is popping nicely, but not in an overwhelming manner.
- T2108 (% of stocks trading over their 40-day moving average) is holding strong and now showing a mass exodus in stocks.
- TICKS haven't been trending overly bearish so far today and been closer to neutral.
I'm sitting on a few possible short setups that I could take today, but I'm not quite ready to pull the trigger. I took profits, minor ones in Facebook (O:FB) that I held overnight for about 1.3%. Not a lot, but keeping it from turning into a losing trade and if need be, I can get right back into the trade.
Below I have all my short setups listed, and the ones that I will consider jumping into if things really get rough in this market again.
