This Week's Dogs of Wall Street
10/03/2013 7:00 am EST
Ryan Mallory of SharePlanner.com shares some of the stocks on his current short watch list.
Screw the government shutdown. I only want to talk about stocks, and for today, I'm releasing this week's watch list for stocks that I'll consider shorting.
Believe me, it won't be too long before I do so, I'm just waiting for this market to rally a little bit higher, back into the 1700's perhaps, then I'm going to chill on the long positions and start gradually adding the short positions.
Of course, the market can do whatever it wants, but that is the game plan for now, until Mr. Market determines otherwise.
On the list below, I took some of the stocks off the board including JC Penney (JCP). While it may be going to zero, it’s at a point now that I think too many bulls might start to gamble on a pop in the stock and if that happens, this thing will run enough to cause a squeeze. Of course, those who continue to attack me daily over keeping Arena Pharmaceuticals (ARNA) and Allied Nevada Gold (ANV) on the list have become a bit quieter of late as the stocks are dropping heavily, including ARNA where I said to short it above $7 and now is below $5 as well as ANV, which last week was bearish at $4.50 and is now trading below $4.
Here's the entire short watch-list:
So get mad at me if I have one of your stocks on my short list above, but I don't have a vendetta against any of them, only their charts, and their charts tell me that you should be short these stock and not buying them.
By Ryan Mallory, Founder, SharePlanner.com