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Subject: TTT "Bearish Ideas Courtesy Tim Knight "
The $UTIL, which you all know I'm especially bearish on, is on the right
track again. A break beneath 460 would spell doom for this index and usher in
the 20% drop on which I am counting.
I've got a medium-sized position on QQQQ puts; the $NDX is below its
retracement line (barely) and below its fan line. Weakness in the $NDX would
send it, I am supposing, about 150 points lower.
Every technician on the planet is eyeing 1265 on the S&P. I've tinted in
the key area. I know I've said it ten times already, but I'll say it again: a
break beneath this level will make the job of the bears really, really simple.
Until then, we remain mired in this dread battle. September, "the month of the
bear", will hopefully smile kindly on us.
Oil and gold look nicely poised for a tumble; I'd bank on OIH to fall to
165.
And this ten year chart of $XAU positions this instrument for about a 20
point fall in the near term.
One specific gold short I'm fond of is AEM:
The recovery in financials is starting to peter out, I think. The rally
following July 15 was gigantic, but the volume is shriveling up. I repurchased
puts on BAC today, and both FNM and FRE had sharp percentage drops
today.
What follows are a variety of charts, some of which you've seen, that I like
a lot as short positions.
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