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Pastimes : Trade Blogg Ideas Inter Alia

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From: Rutgers	10/16/2006 4:30:23 PM
	of 285

New Trade Alert Went short near the EOD at ~$42.85. Looking for a pullbreak/breakdown in the indexes to take this one down in sympathy with it. This one has been on the key watchlist for awhile. HT to TT for pointing out the chart on this one. Even if this trade goes bad, I did follow the entry plan, i.e., I noticed that it made a intermediate day high, which was around $42.30, so, at that point, I decided to wait for the last hour of trading on the proverbial wisdom that a stock that makes an intermediate day high (inverse for a low holds true as well), is likely to make a higher high during the last hour of trading. Now, to the trade itself. I have a stop in place in case this goes against me. If the stock takes out the next price level, the trade is not as compelling. Having said that, the reason for this trade is this: (1) looking for overall mkt to retreat soon - even if temporarily and 75% of all stocks move with the trend - so this might move nicely as in 2x beta; and (3) this one looks vulnerable with a right shoulder in the $40 area. An ideal symmetrical move would be to the $35 neighborhood.

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