Dow Crashes Through Three Support Levels
In the blink of an eye, support levels have failed. If shorting isn't your style, the sidelines are a must.
With the massive weakness in commodities, I am looking for a new low to possibly come in Walter Energy (WLT), which looks to be bouncing along support, possibly preparing for its next thrust. While one may consider this already beaten name to be far too low for a short, we just have to review other commodities -- particularly coal and natural gas -- to see how much further Walter Energy may fall.
In the "broadening top" camp I like American Tower Corp (AMT); it looks to be ripe for a short on a bounce, which we should see today. See the video for this trade and more.
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