5/24 - midday watchlist scan

• no great long setups..no great short setups
• best short setups are stocks where it has broken down, retraced back to the breakdown point last friday and today coming back down...risky setups but if we fall, these stocks will fall hard
• market wants to go higher but its weak
• feeling is that some bottom buyers are anxious and now frustrated that we can't go higher...once they give up, the bottom will be out and the bears that are still holding and waiting to add to their positions can come in and knock us lower
• many still feel that we can make a big climb here as in the past year, every selloff was followed by a huge rally that many ppl missed
• phama and tech are strongest...qqqq only index up...
• financials and oil weakest...oil actually most weak by far...many stocks most much of friday's gains already...financials actually just mirroring SPX

bottom line:

• money right now safer in shorts than longs
• but any new position today is less than ideal but concidering the environment, might be worth the added risk