Tuesday, August 12, 2008

Getting Shorter FedEx Corp - FDX

I want to bring your attention back to the Fedex chart (above). The recent rally has formed a very nice looking bear flag which coincidentally has now kissed the prior flag on the underside. That former lower boundary of the flag which was support should serve as resistance now. I am short 1 unit at $87.40 and am comfortable adding a 2nd unit short here at $87.85. I fully realise I should only be adding to an existing position at a better price rather than worse but I will bend the rule a little here as I like what is transpiring on FDX.

Good speculating to you all and never ever forget that "an investor is a speculator who made a mistake and will not admit it".

Open Positions:
Long 1 unit of Powershare Agriculture ticker DBA @ $34.50 stop $32.79
Long 1 unit of XTO Energy ticker XTO @ $43.85 stop at $39.62
Long 1 unit Currencyshare SwissFranc ticker FXF @ $92.70 stop at $89.27
Long 1 unit SPDR Gold Trust ticker GLD @ $81.55 stop at $75.82
Long 1 unit ishares Silver Trust ticker SLV @ $14.60 stop at $13.28
Short 1 unit Int'l Bus Machines ticker IBM @ $129.05 stop at $131.54
Short 2 units FedEx ticker FDX @ $87.70 stop at $91.18
Short 1 unit of Lehman ticker LEH @ $19.65 stop at $20.76

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