As per last night's watch list, NEW slid through support on the open like a hot knife through butter. Within the first 15 minutes it had filled a bullish gap dating back to March 16th and then it bounced. I shorted it on that first bounce at $43.44. A quick check at 11:00 EST saw the stock trading sideways after hitting $42.00 so I covered 50% and lowered my stop to $43.00. The afternoon weakness saw the stock challenge its next bullish gap support at $41.00. I covered the balance of the position into the close because after three consecutive closes at or near the lows of each day, I think NEW may be due for some consolidation.
Tuesday, June 13, 2006
Trade of the Day - NEW
As per last night's watch list, NEW slid through support on the open like a hot knife through butter. Within the first 15 minutes it had filled a bullish gap dating back to March 16th and then it bounced. I shorted it on that first bounce at $43.44. A quick check at 11:00 EST saw the stock trading sideways after hitting $42.00 so I covered 50% and lowered my stop to $43.00. The afternoon weakness saw the stock challenge its next bullish gap support at $41.00. I covered the balance of the position into the close because after three consecutive closes at or near the lows of each day, I think NEW may be due for some consolidation.
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