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Morning Thoughts August 24

Another terrible volume day yesterday – down 12% vs 20day (and barely cracked 5bn shares) – VWAP a cap all day as longs sold – first day (in 4) we saw legit shorties in market (in Energy, techs, miners…so BETA) – luckily SPX bounced from 1,400, but will be tested today.

We exited our Bucket 2 short positions in SPY and IWM at the levels mentioned yesterday on the blog.

All sectors again pulled down together yesterday.

One stock we are watching for potential break to the upside is Under Armour (UA)

 

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