Just revisiting my U.S. steel trade again. Yes, I have been wrong. Yes, I started my shorts at 140 and I'm absolutely amazed on Monday 4/7 it managed to pull way out of my expectation to 148. I jumped in early. X has gone up 11 of the past 12 sessions. Amazing bullrun no doubt
But notice the tail that is developing at the top. That is a bearish top.
I know I said I would stop myself out at 142. Thinking about it now. I'm raising my stop level to 150. If it does get there, then I'll happily let X rape me. Because I truly believe this is not going to hold. We shall see soon enough. Keep in mind, I try to have at least 2 week target on swing trades. About 4 trading sessions have gone by, and I'm sticking with my conviction.
Good luck to us
- DL
Disclosure: I hold Short positions on X @ $140, $146
4 comments:
hey xman,
ran your across your blog after i bought some 125 puts on X. i agree that its ripe for a pull back based on technicals. the company is fundamentally sound but in this market, this stock is way overstretched. my price target is 125 by the end of the week.
i screwed myself on x thinking it was at resistance at 127.basically was front running.blew right through that.still short Ma for the end of april exp.do you think Ma will trip before that or just hang in there.its been in the stoch overbought for close to a month.
X has been one tremendous performer. It is still my belief that the stock needs to have a significant correction before potentially moving higher. But make sure to pay attention to overall market indices and sentiments.
Good luck to us
Really surprised by today's performance. At least volume is becoming weaker daily and stock did not have strength to surpass Tuesday price.
Struggling with some puts at 135. Decided to buy more at 145. Hopefully they will help me to leave my positions even, before option expiration.
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