Early strength lacked momentum and the bears were able to apply some pressure in the ambush zone (62% Fib. retracement of last week's sell-off). I'm looking for the correction to carve out a lower high in the 62-78% fib. retracement level. Tech and small caps are the most vulnerable as the broader market still has commodity leadership. Oil, energy and precious metals are still trading near range tops. However, we still have a lot of economic data to digest this week as tomorrow begins a new month. We'll soon see if institutions are putting new money to work for the bulls, or if they are taking a cautious approach.My short trades performed much better today than the longs.
AKAM made a vertical move to the downside after breaching the daily bearish flag pattern.
APKT tried to extend Friday's gains in early trade, but quickly reversed, breaching Friday's late day trendline.
JDSU was a long entry that failed.
In this SU trade, I was looking for a move back up to the range top, but settled for half, because the stock spent most of the session in a tight chop.
Focus List - ACOM looks almost ready to roll over.
MGA bear flagging.
CMI is bear flagging
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