The week certainly got off to a rocky start, as the pattern of declining price on increasing volume and bearish breadth continued. I am certainly not ready to say the sky is falling, but it may well be worth grabbing an umbrella. I am looking for signs of an oversold bounce in the making this week, but am continuing to focus on the short side until that occurs.

On Tuesday, I will be watching Anglogold (AU) for continued weakness after Mondayââ,¬â"¢s test of December support.   Any move below the close or under Mondayââ,¬â"¢s low should prove an interesting short side opportunity.

Anglogold

Dominion Resources Inc. (D) has left a Fast Ball distribution setup on the daily chart, and appears to be ready for a move lower as well.

Dominion Resources Inc.

First Energy Corp (FE) also seems to be looking lower from its vantage point on the 20 day simple moving average.   If the stock breaks through Mondayââ,¬â"¢s lows, a retest of the low mid-February range could be in the works.

First Energy Corp

Adrian Manz is the author of Around The Horn: A Trader's Guide To Consistently Scoring In The Markets and is cofounder of TraderInsight.com. Email him at adrian@traderinsight.com.