DELL did break the intraday consolidation to downside from 33.20 however DELL is a short (from our list) that might not be a good idea to hold through a weekend. In fact I'm not too excited about shorting semiconductors for more than a daytrade short since most folks will buy the dips. Thankfully we have exceptions to the rules with possible shorts in stocks like OVTI and SNPS and sectors that are really under pressure all day, all week (brokerages/banks), and are just not bouncing off consolidation to upside. These are better short potential for multiple days of downside.
This chart called for a potential breakdown at the 20ma (sell setup and failure at the 20 ma) on daily chart and what we ended up with was a breakdown at the 20ma on the 5-minute chart. The only argument for a potential short (multi-day) would be the very short stay DELL had at its gap up high.
Interestingly though this chart posted for DELL last night does show that 34 still was not taken out to upside so potentially the resistance zone is still quite a detriment to further upside.
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