Thursday, August 7, 2008

Position Update - PACW

Took one more starter position short today - PACW at $21.12. I am anticipating a little here because this has yet to break its trendline to the downside, but I think it is a good possibility. Right now, if we close very weak, I will look to add to the three shorts I took today. I am not ready to do so yet - I still don't trust anything this market does. Still taking baby steps in terms of getting back into this market - still not worth risking a lot right now although I think there is more downside risk than upside risk at this moment.

Charts from Telechart2007, Courtesy of Worden Brothers, Inc.


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