Today we initiated our short position in DXD on the breakout of the falling wedge, and added to BGZ will keep you updated with positions as the week unfolds.
Huge move lower in the market today. As was looking for, weakness and a breakdown of this rising wedge pattern. Today the S&P 500 closed at 832.39 right on the 20 sma and our first target. I wont be surprised if tomorrow we see some sideways consolidation since we are sitting on the 20 SMA, but I am now looking at levels of 815 and 807 as support as we continue down. Look for some sector strength tomorrow and a rotation of money in the market.
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