Thursday, August 7, 2008

Position Update - SNDA

Taking another short here - SNDA at $26.66. Looks like a lower-risk short here - rallied up to former trendline and 50 day moving average, and now is breaking below it. CINF has worked OK so far, so I will take another short here and see if it works as well. If they continue to work, I will look to add a few more that are on my watchlist. If we reverse higher today on the overall market, I will be out of these and stand aside. There are a few stocks that are resting or pulling back calmly that I have my eye on going long, but the market needs to rest a few more days in my opinion.

Chart from Telechart2007, Courtesy of Worden Brothers, Inc.


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