I lied in my March 14 2020 post. There aren’t zillions of short candidates. Maybe a few, but not zillions. Hence this post to clear things up. Why aren’t there a lot of short candidates? Well, it’s simple. The patterns were there, but they triggered and hit targets very quickly, basically within the same weekly bar (plus I was away on vacation). So they were there, but most have played through, so to speak. Bottom line, when short positions are being considered, switching to a daily chart for triggers/entries is something to consider.

So here’s a second post for the week with a few more ideas to gnaw on.

Please do humor me a little bit, and consider this short candidate (there are a few). TIVO Corporation (TIVO) is consolidating in a 10 month rectangle after a long downtrend. The lower boundary of the rectangle was broken last week, and it could possibly fall another buck or so.

And while I was at it I dug up a few more charts for your consideration. In this market, who knows which way they will break, but the patterns are there. Exelixis (who comes up with these nonsensical names, anyway?) (EXEL), a health technology/biotech firm, is in a 17 month symmetrical triangle. It has attempted breakouts to the upside and downside in the past month, both of which failed. While it is below the 40 week EMA, it demonstrated relative strength last week.

Monster Beverage Corp (MNST) is in a 2+ year ascending triangle. It is at it’s 40 week EMA, pretty decent performance given the recent carnage. Guess no one is willing to give up their caffeine/sugar highs, no matter how much the market tanks.

Pattern Energy Group (PEGI), generates power via alternative sources. Another example of strong relative performance, it touched the 40 week EMA and rebounded. It is in a 7 month ascending triangle.

Progressive Corp (PGR) is in a 10 month rectangle and closed above the 40 week EMA.