Bearish phase of market could have started

A bearish phase of the current rally have started. A check on thecharts have shown that many stocks have failed to break their January highs or broke marginally. They have since quietly but surely slid down.

Of these, some stocks have become more sick than others. Notably the property stocks exposed to China. Stocks that have broken below their 200-day MA include:

1. Capitaland
2. Ezra*
3. Ezion
4. Olam*
5. Sino-Ocean
6. Straits Asia
7. Wheelock*
8. Pan Hong
9. Yanlord
10. Hang Seng Index*

*represents excellent shorting opportunity, as they just broke down from 200-day MA.

My favourite to short is Wheelock. Excellent shorting candidate as it is exposed to property sector, it just broke down 200-day MA, and its failing to clear the 50% retracement from June 2007 high to October 2008 low (which now serves as resistance). It is also flashing parabolic sell signals.

Currently, it is sitting on 1.85 support (50-week MA). There is another support at 1.81 (recent low). Will wait for these 2 supports to break before taking action.