Monday, September 14, 2009

Trade 84 - Short BHP

Another short to take advantage of profit takers that may take the market down over the next session at least.

Short 100 BHP @ 38.06.

Commodity prices are falling
Bearish candle on the daily w/ resistance line
MACD falling
exit target 36.29

BHP didn't tank like the financials did today, which is interesting, what implications that might mean for intermarket themes right now I have no idea.

Generally I've been bearish on both financials and resources, but have been getting burnt on financials lately. If resources rebound quickly in the next few days, I will most definitely be changing my opinion on the market swiftly.