WLT: Trend Break
June 23, 2008 12:06 PM
We had a daily trend break at the open today on WLT. Once it was clear that was going to hold…I would have covered the short, and then wait to short below the high again tomorrow, depending on the open, IMO. This move higher is “probably” bs, but I think the failure of oil to fall is giving some hope here. Commodity stocks are tricky as they can move with no apparent reason because of the underlying commodity - so you have to be far more careful with them than a normal stock.
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