I sold short BAC @ 13.50
This is exactly what you want to look for when shorting. A break in the trendline @13.50, then a retest up to that same trendline.
The trade will remain on a tight leash. I’m out with a continued move above $13.50
Merry Christmas!
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WFC creeped up nicely to the trendline too. I tried to short it before the close but fuckin Scottrade had no shares to borrow. WTF is that about?? I guess I will just have to be happy with my FAZ Crack..
I agree Ragin that these bank stocks look good for a short – I was watching JPM, WFC, and MS mainly. I can’t get any shorts to borrow either on any of them however. Which broker are you using?
Have a great holiday season.
Mac I love your blog. I made a little change on that SCHN set up you had on your vids a couple weeks ago. Cheers!
RC,
don’t bank stocks usually lead the way as they led in this “rally” we had over the past few weeks. If they do start to melt, wouldn’t that be a very good indicator of where the market is pointing to, which would be DOWN..
RC or anyone trading bank stocks…
Are you then thinking that today’s move up in bank stocks is a fake-out bounce thing, destined to move lower soon?