On April 24th: “UPS: Sell Here, $74 Is A Short”
May 10, 2008 10:08 AM
We posted on April 24th to sell UPS and if it went to $74 it would be a short. On May 2nd, it went to a high of $74.14. Currently, it is $70.29 and likely headed lower.
(Update: We also posted to cover that short at about $70.00 on 05/12, but I still believe lower is likely once $69.60 clears. $68.36 is must hold)
CHK: Buy Further Weakness
April 24, 2008 10:46 PM
If Chesapeake Energy (CHK) trades much lower, weakness should be bought, IMO. $48.60 should try and hold here. if we clear $48.60, it could spike lower. I do not think that would be a reason to panic as $48.60 is not a “must hold”. If we have seen the highs in CHK, and I do not think we have here….they should be at least retested.
04/25 Update: CHK soared Friday…up 5.6% while the SP was up a meager .65%.
-
Recent Commentary
- Market Recap: Called Today’s Action On The Money Almost Literally
- Market Update: My Note On Caution at 1285 Has Proved Correct Thus Far
- Market Open 1272: Trade Should Be Long Checkdowns, But May Take Some Time For Real Strength
- Morning Call: Futures Move Higher On Durable Goods
- FDIC Report: 117 Financial Institutions In Trouble, One Big Problem, I Do Not Believe It
- Consumer Confidence Up? This Is Clearly An Indictment On Public Education
- Market Direction: While The Chart Still Says Long….
- Market Recap: 1261 Held once Again
- Market Update: Market Was Bought Early, 3:00 EST Is Likely Key
- Market Open: 1263.25 Early Low
- Morning Call: Futures Flat, New Home Sales At 10:00, FOMC Minutes Late
- Market Recap: My Gap Rule Ruled The Day
- Market Update: 1261 Should Hold - If Not We May See Panic
- Open: 1285, 1282.75 Still Important
- Morning Call: Decision Time
- Market Update: Typical Trend Day Higher Early As Predicted, Now The Outcome Is Clearly In Doubt
- Market Open: Watch The Gap Reaction
- Morning Call: Futures Up, Long All CheckDowns Early Should Be Play
Our Mascot Trading Goal: Ferrari 599
