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Of note is the plethora of failed breakouts following through to the
downside in the pillar of the June-Aug rally phase: Financials and
Brokerages.
As I write,
MWD
MER
GS
AXP
C
LAB
JPM
LEH
are all stocks where I had breakout positions which either got stopped out
or got sold into the parabolic ascent trajectories.
In each case I had rolled ratioed puts up as a defensive strategy given the
market conditions.
In each case the puts went to worthless pieces of paper that have suddenly
sprung to life like a scary movie's demon.
First we had tech breaking down now we have financials breaking down.
Can't be good if only EMC remains true to form from the original group of
CANSLIM breakouts.
Now stalking GE to the downside, having broken down back to pivot and
staging a minor comeback.
Gitanshu
Multiple positions.
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