Shorted FMCN recently

whodi · #1 09-18-2007, 12:20 PM

5,000 shares at 47.15, definitely a risky trade, setting my stoploss at 47.50

The Little Giants · #2 09-18-2007, 12:44 PM

My indicators all say that it is overbought here. Other than Fed's decision, it's not all that risky. I put it on my watch list last night and have been watching it all day. I plan on getting short around 2 PM. I'll let you know.

The Little Giants · #3 09-18-2007, 12:47 PM

25 basis pts seems like a lock. I'm a little worried that a half pt cut on the discount rate is likely, which could cause a little rally. Trying to decide if I should get short now or near the close. I might do half my position now and half later.

whodi · #4 09-18-2007, 12:55 PM

Thx LG, I shorted it the other day and took a little loss. I thought it was overbought as well. I made a nice profit on its way up, its been rolling since the 31 levels, but it kept going and I cut my losses. I figured I would give it another shot. I thought a little risky depending on what the fed may do. Appreciate any updates though.

whodi · #5 09-18-2007, 12:59 PM

You may have already but look at it on the 4 day chart, definitely looks due for a pullback, like you said, FED would be the 1 factor to screw this short up.

The Little Giants · #6 09-18-2007, 01:03 PM

I definitely think it's due for a pullback. Looks overbought. I will probably wait til 3:30-4pm range tho. Hopefully, I don't miss it.

The Little Giants · #7 09-18-2007, 01:06 PM

wow 50 50 be careful

whodi · #8 09-18-2007, 01:09 PM

i see that, thx. Almost covered in the 46.70 range.

whodi · #9 09-18-2007, 01:21 PM

still holding LG. This may be a more clear sign to short this one.

whodi · #10 09-18-2007, 01:33 PM

pulled the stoploss, may of been a bad move, as its running now. I will keep a closer eye to see how strong it closes to see when I dump if it keeps running. If it starts to weaken, I may double up my position.