Wednesday, September 2, 2009

Short 3M - MMM


3M ticker MMM (daily chart above) shows a very nice looking channel with a double top. We must repect that the double top could morph into a head and shoulders top as well. I am shorting 1 unit of MMM here at $71.05. My notes on the chart indicate a stop of $72.86 I want to modify this to $73.93 which is 2x the 20 day average true range for 3M which currently stands at $1.44586.


Good speculating and remind them to please don't ever forget that "an investor is a speculator who made a mistake and will not admit it".


Open Positions:
Long 2 units Ultrashort FTSE/Xinhua 25 ticker FXP @ $10.58 stops @ $9.94/9.54
Long 1 unit Ultrashort Real Estate ticker SRS @ $11.93 stop @ $10.94
Short 1 unit JP Morgan ticker JPM @ $43.66 stop @ $44.71
Short 1 unit Abercrombie ticker ANF @ $33.23 stop @ $35.33
Short 1 unit Aeropostale ticker ARO @ $40.81 stop @ $42.36
Short 1 unit Amazon ticker AMZN @ $79.86 stop @ $81.11
Short 1 unit 3M Company ticker MMM @70.95 stop @ $73.93

No comments: