Daily Profit Compass November 16

Trade empowered and prepared using the Daily Profit Compass  market outlook as your guide. Detailed trading plans, key levels  and timely commentary on the indexes will keep you on the right side of the trade.

Yesterday  saw selling out of the gate but reversed at the 10:30 am market pivot and ramped to the bell. While the 1% rally was nice, the price advance was capped below key technical levels. Therefore my intermediate term outlook for prices on the major indexes is lower.
I believe there has been a shift from “buy the dips” to “sell the rips”.  We’ve seen that price action over the past several weeks and I expect it to continue as institutions continue to de-risk their portfolios.
I have short positions on serveral Semi names as well as the $SMH.  In addition I am short $XRT  retail ETF.   I will be watching those 2 sectors closely today after dreadful earnings reports from $NVDA / $AMAT in semis and  $M / $JWN / $WSM  in retail.

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