Thursday, January 29, 2009

Quick Update on Morgan - MS

Given the above chart, I want to add a 2nd unit short on MS with a move below the $21.25 level. I fear that this my occur at the open tomorrow via a gap, which depending on it's severity, would serve to cool my enthusiasm. I am sure we are not the only ones who are looking at this formation so the gap possibility most certainly exists.

Some may argue that the formation on the chart above is too short term to be of merit or significance. This is valid, but patterns happen and MUST be respected at any interval, be it 1 minute, 5 minute all the way out to monthly. What interests me is that this shorter term pattern is occurring into a longer term one, the upper boundary of the channel.

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

Open Positions:
Long 2 units Ultrashort MSCI EAFE ticker EFU @ $89.80 stop at $89.80
Long 2 units Ultrashort S&P500 ticker SDS @ $69.80 stop @ $66.15
Long 1 unit Ultrashort Real Estate ticker SRS @ $51.30 stop @ $47.18
Short 1 unit Darden ticker DRI @ $27.70 stop @ $28.70
Short 1 unit Wells Fargo ticker WFC @ $20.20 stop @ $22.43
Short 1 unit JP Morgan ticker JPM @ $27.35 stop @ $29.54
Short 2 units of Apollo ticker APOL @ $83.40 stop @ $86.31
Short 1 unit Morgan Stanley ticker MS @ $21.65 stop @ $23.82

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