COMPX could be in real trouble...
Nasdaq topped out too quickly on the 15 minute chart. This failure to convincingly break overhead resistance, sellers and profit takers dump their stocks back into the market after taking profits. Why aren't these traders holding and waiting to earn more on a big rally? Why are they not buying dips but selling at short term tops? Because there is lack of confidence in buying technology stocks when earnings are vague and visibility going forward is almost nonexistent.
When nasdaq pulls back it pulls back as much as 6 to 7 sessions, this is CONFIDENCE on the short side, and this does not bode well again for technology, software, hardware, etc. The Naz ended in NEGATIVE territory already at the end of the session.. that was too quick.
By touching the upper trendline and failing 3 times, that might signal a final collapse and that would be at the 1,600 to 1610 area. If we move below 1,610, we could be in for a trading month in June similar to what we had in May. Earnings plays are gearing up for beginning of July, but the mid June time frame is fraught with earnings warnings once again. This might be the occasion for
A) more July puts in Technology and or shorting rallies both intraday at spike highs on 15 minute charts.
B) GOOD NEWS in companies that will have upward guidance announced at the same time.
This doesn't mean you have to sit on the sidelines waiting for upside that just won't come, it means searching for the trend, and confidently trading that trend LONGER than the typical 5 to 15 minute breakout.
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