Monday, March 31, 2008

Watching MasterCard...

The daily chart of MasterCard (above) looks to have formed a good looking double top. I have not had any success with this of late, but why should that stop me.

I have blown up the 2nd touch of the double top on the daily (above). Interestingly it shows another double top formed inside of that touch. A break of 214.85 would imply a target of 199.50 for this intraday double top.
The daily double top needs to break 160.80 and a break there would imply a target of $94. Is this outrageous or what? Is there anyone out there who's not super bullish on MasterCard, and for good reason. It has been an absolute bulldog in this market.
I am intending to get short 1 unit on a break below $214.50 and I will place my stop at $222.60 if I get a filled.

Good speculating to you all.

Open Positions:
Long 6 units Currencyshares Japanese Yen ticker FXY @ $88.55 stop at $91.40
Long 1 unit Ultrashort China25 ticker FXP @ $84.55 stop at $84.85
Long 4 units Ultrashort Dow 30 ticker DXD @ $58.00 stop at $53.10
Long 2 units Ultrashort Real Estate ticker SRS @ $92.85 stop at $89.65
Long 2 units Ultrashort Financials ticker SKF @ $102.20 stop at $98.70
Long 1 units Ultrashort Emerging Mkts ticker EEV @ $83.3 stop at $79.45
Short 3 units of Deutsche Bank ticker DB @ $117.15 stop at $119.40
Short 2 units Citigroup ticker C @ $23.45 stop at $25.40
Short 2 units AGCO ticker AG @ $61.00 stop at $62.75
Short 2 untis Daimler AG ticker DAI @ $86.20 stop at $88.05

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