The 3 Horsemen
These have been the most ridiculously overbought charts I've seen in awhile. Traders can't continue to hide in these stocks.
The pattern I added to the CMG chart is what we are looking for to see the 1st sign of weakness among these leading stocks. PCLN has already fallen out of it's channel, CMG is struggling, and as soon asAAPL falls I suspect it's going to take a big chuck of the market down today.
I opened my market etf shorts in the premarket today and ended up positive on those trades by the end of the day...barely. But I'll take it on a day where the indexes at least looked like they had a good day. Thanks to a USG long I opened at the close yesterday (sold at the open today) , I actually finished up for the day.
Right now I'm very bearish on the markets in the US and Canada and will probably add to these shorts on any more move to the upside.
(click to enlarge)Click to enlarge
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