Thursday, July 17, 2014

New Short: MTN

As the market has not cooperated with my long breakout plays,  I want some exposure to the short side.  So why MTN?  After all it's been very strong since the middle of may. 

Here's what I see.  Two new highs with declining MACD, that is typically suggestive of a topping pattern.  In addition earnings have already come out so I minimize my gap risk  

Entry: $77.36.  Stop 79.50.  If the market stays under pressure I wouldn't put it past it for that 72 Gap to fill. 

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