$GOOG and $BIDU both looking good on the short side as the market continues to provide clues that we are beginning a long term downtrend. See charts below.
$GOOG – Closed below the 100MA today and also outside of the lower Bollinger Band. All indicators look ripe for continued downtrend after HnS neckline break. However, be cautious on the LONG or SHORT side, as there is a potential bounce zone up to the neck line.
Disclosure: Short Sept21 850P @ 16.90 with 7% stop.
$BIDU – Also a fantastic short setup in this current market trend. Below 132.18, this could see the 61.8% Fib rather fast (near 120). Next target would then be the support at 113.49.
Disclosure: No position.