Short Setups For Wednesday

By: Scott Johnson Wednesday, October 15, 2008 10:20 AM

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Although we may have room to rally, I am finding far more attractive setups on the short side. Buying has lacked volume, and yesterday saw a large number of reversals in sector ETF's and individual stocks. Here are a few that I am watching for today:

- MMP is in the oil transportation and storage business. It has seen a huge rally off the lows, and is now at resistance. I am short already.

- PAA is in the same business, with a similar pattern. I'm short this one as well.

- DUG, the ultrashort oil and gas ETF, looks bullish here.

- XLU rallied at the open yesterday, then sold off on high volume to end in the red.

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