We will hopefully be initiating our first short position in the model portfolio over the next couple of days with Circuit City. From a business perspective these guys are toast. Best Buy has eatne their lunch for many years and they honestly would be better off liquidating their business rather than trying to keep going.
From a chart perspective, yesterday the stock broke an uptrend line and triggered another double bottom sell signal. We will enter by selling 300 shares short when the stock hits $17. With a downside target of $7 and an upside stop of $19 1/2, our UD ratio is a solid 4.
Will update the site once the order is triggered.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment