$COST short canceled: close over 104.50 I was loo
Post# of 474
Posted On: 12/05/2012 8:14:05 PM
$COST short canceled: close over 104.50
I was looking at a short on $COST earlier at a pierce of 104 but the way it was trading up there was looking more like consolidation as opposed to reversal in nature. That kept me from pulling the trigger. Today's close really sealed the deal. Shorting is a tough game and you have to play it tight or you will get smashed.
It looks like a squeeze game going on right now so the best thing to do is to let it run it's course and then watch for a reversal bar and a possible bear flag before trying to ride it down. This might top out next week, or it could take until after the holidays if this is a true short covering rally.
[IMG]http://i.imgur.com/ljVj3.png[/IMG]
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