Wednesday, April 8, 2009

Getting Short Autozone - AZO

Autozone, ticker symbol AZO (chart above) has been on a tear lately. We seem to be having an inside day of yesterdays down bar. Please note the bearish engulfing or outside reversal candle on Thursday of last week (April 2) on substantial volume. We look to have run out of steam here on AZO so I am prepared to punt it short here at $158.90 with a stop at $163.06. I am prepared to add to this position on a move below $155.

Wanna to bet that when it does take out $155 it will do so via a sharp run up day before and then gap down and thru as the boyz give rarely make things easy for us.

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 1 unit Ultrashort Real Estate ticker SRS @ $44.15 stop @ $41.88
Short 1 unit Darden ticker DRI @ $35.30 stop @ $37.51
Short 1 unit Autozone ticker AZO @ $158.80 stop @ $163.06

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