$HPQ on watch for move to 10.50 Bad news for Hewl

$HPQ on watch for move to 10.50

Bad news for Hewlett Pacard today, there is some accounting fraud. It dropped several bucks at the open but this thing had already been in a long term downtrend.

Now it is trading just above the weekly chart support line going back 10 years. Let the bad news shake people out and watch for a high volume dump out down to 10.50, maybe even as low as 10 bucks for a short covering bounce play.

Jim Chanos is short HPQ and so you have to guess that so are a lot of other hedge funds and they're going to want to lock in some gains before the end of the year so they can take out their 20% of profits going into next year.

[IMG]http://i.imgur.com/hzvEy.png[/IMG]