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UPS: $59.30 Held

July 2, 2008 1:09 AM

I mentioned the other day that UPS was long above $59.30 (much to my dislike). It held today and reversed just above it. Today’s low was $59.50. You HAVE to make that trade if you believe that is the number. You risk 20 cents and could win huge. If that wasn’t your number, then that’s a different matter.  It went to a high of $61.00 today before closing at $60.50. Could have only made $1.00 to $1.50 on it today, but that’s better than a kick in the rear. If we test that area again, I am not as confident. I view the markets far differently than many as you may have noticed. Many people, if not most, view “tests” as a sign of strength in that number. I view it that the more it is tested, it tells me the market wants to clear it, not vice-versa. But that is how I “view the world”.

Written by Tom@StockBlade.com · Filed Under UPS 

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