One New Short Position For Tuesday

August 27, 2007

new short position: CEG

CEG is failing right at the 50 day moving average, after repeated attempts to move above it, on average volume. This chart may be a little early to short with the 200 day moving average still underneath to support this stock. But the pickup in the volume today after the low volume rally does make it appear CEG is ready to move lower. This stock appears to be a good short because the stock has failed the July breakout on heavy volume, putting in a key reversal. After one attempt at trying taking out the 50 day moving average in early August it has tried again and is failing. This stock is paying a 2% dividend, so it is not that costly to be short this stock, but we do need it to move lower right away to cover the cost and make a solid profit. If there is no follow-through, you must cut your loss with a close above the 50 day moving average immediately.

Last 5 posts in Free Archives Shorts

Posted by Joshua Hayes | Filed Under Free Archives Shorts 

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