The broader market indices are retesting a major double bottom. In the absence of some positive news this week, I anticipate some potentially significant downside. Many stocks are already severely oversold however, and my focus on another wave of implosions will be squarely on issues that have held up well thus far, and hence have further to fall.
On Monday I will be watching shares of the energies and steel producers, with Consol (CNX) and USX (X)of particular interest. The stock made a Fast Ball move lower out of a high level consolidation. This action will have me interested in short-side opportunities below the Friday low.
Consol Energy
USX-U.S. Steel Group
In other Fast Ball action, we will look to Advance Auto Parts Inc. (AAP) for a continuation move lower.
Advance Auto Parts, Inc.
Polo Ralph Lauren Corp (RL) had a low level Fast Ball expansion of range and volume breakdown. If the retailers and consumers see further downside, we will look for short-side opportunities on this one as well.
Polo Ralph Lauren Corp
In the metals, RTI International Metals Inc (RTI) made a Fast Ball gap move lower on heavy volume and will be in unsupported territory if further downside pressure exerts itself.
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