Actually, although the markets are falling, and reaching their 2008 lows, the magnitude is not as big as before. I think more like, markets are drifting downwards, and at this juncture, very diffficult to pinpoint which counter to short. SIA has surpassed my preferred EP and I will not pursue the trade.
However, I do feel that the Dow will have room to fall (it is the weakest of all indices, having been first to break its low). Therefore, a better idea could be to short the Dow. Neater choice, since there is no need to pinpoint counters to short, and Dow could be on its way to much lower low.
LT: weekly down, ADX 40+, stochastics oversold
ST: daily down, stochastics oversold
EP: 7,288
SL: 8,474 above 50-day MA, above 10, 20-week MA
TP1: 6,102
TP2: 3,730 (quite an unachievable target, will review later, remember I'm dealing with index) or
price after 1 month from TP1.
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