It almost goes without saying, but I’m going to say it anyway – use caution on Wednesday morning. If I had to guess as to direction, I would say lower as the sellers who didn’t get it done on Tuesday dump whatever remains. There will almost certainly be a test of the lows and a bounce that recovers some of the lost ground. The problem for traders will be in establishing new short positions given the possibility of a quick contra move. That being said, we will be using tight stops on all positions. I would rather take multiple positions and pay several commissions than risk very wide stops.
On the short side, we will be watching several Fast Ball candidates, all with entries below the low of Tuesday’s trading. They are as follows: Amerisourcebergen Corp. (ABC), Dillard's Inc (DDS), Estee Lauder Companies Inc (EL), Lear Corp (LEA) and Scripps (SSP).
Amerisourcebergen
Dillard's Inc
Estee Lauder Companies Inc
Scripps
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