ValuePro:
Hmmm. The way I'm looking at it, around $6 is currently a very
important price level. At this level KRY would be testing what
I consider to be its major downtrend line. A breakout through $6,
on heavy volume, would dramatically change what I consider to
the current outlook for KRY. Given the news from today it might be
expected that KRY trades bullish tomorrow, even if it's just retail
buying. Volume will be the key. I figure that even if KRY started
a major bull move, quite a bit of resistance between $6 and $8 will
have to be chewed through, giving people like me a chance to cover.
I've already taken some profit off the table, but I'll remain
positionally short until KRY can break out of this downtrend.
Why did I take some profit? One major reason: KRY seemed to lose
its downward momentum in the 4.50 area, so some kind of bounce
was expected (the strength of which I was not sure...it could
be minor or major). Anyway, I like to position trade, so I gave
my self the use of that capital to short some other stuff that
had better relative risk/reward potential. I suppose another way
of looking at it is to say that I maintain a bearish stance on
the long-term prospects fo KRY's shareprice, but sought some
safety/cashed in a few chips for the short term. Depending on
the strength of this bull run will certainly determine whether
I re-instate my full short position.
My opinions only. Could be right - could be wrong.
WN |
