Waiting for a Higher Low

If the Nasdaq and the Qs can make higher lows from Friday's, we could see a bounce in the short-term. No trades so far today. If we must go short again, look for stocks that have already taken out Friday's low. I'm eyeing BRCM on the short side as it falls out of a bearish flag on the daily view.




Update 12:44 EST - Well the higher low will have to wait for another day. I have to teach myself to love scalping, but so far today its making me a little crazy.

I shorted BRCM at $35.80 and covered 50% at $35.16. Stopped out on the balance.

Long CTXS at $38.71 - 50% profit booked when price reached resistance of downsloping 50 period MA on the five minute view. Still hanging in on the balance with a stop at breakeven.

Long AAPL at $63.14 - 50% profit booked after a $0.50 gain, stopped out on the balance.

Update 1:05 EST - Okay I'm all cash - stopped out on CTXS. I'm calling it a day.

Check out the NASDAQ chart below. The ADX line is picking up momentum on the short side and the stochastics can't breakout of the oversold zone. Just a week ago, the ADX line closed at 17.09, and now we are at 28.34 midday. Wow! I'm weary of waiting for a higher low. I'm lowering my expectations and just hoping we can get a really solid bounce from NASDAQ 2100.

Update 1:57 EST - So much for cutting out early. I shorted AKAM at $31.00 and was stopped out at $30.50 for a quick profit. Looks like AKAM has capitulated intraday.