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Trade Call:Sell If Long/And/Or Short WLT at $69-$70

April 7, 2008 7:25 PM

I would sell Walter Industries right here if I was long the stock. $70 would be a gift short I believe with a hard stop above $$72.98 if short… This stock appears very extended anyhow, and $59-$60 is in the cards, it appears…Unless the market moves aggresively higher tomorrow, I do not think WLT will make it above $69.00…it appears a little early in the chart to get aggressive short here…but trouble is brewing on WLT…..I have been patiently waiting for this stock to peak….as it is extended….

If long WLT i would exit on ANY strenth here. If looking to short…look for strength under $72.98. I wouldn’t go crazy on it as the overall market still “feels” sideways until we see the earnings from financials. But long this stock here is far less than wise….

Note: it would need to clear $66.60 to confirm my opinion to short it here….and if the market appears vulnerable, and you want to get ahead of the curve…..this is the call.

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