Thursday, November 8, 2007

TWM- Stupid Rally

Went short a little late but I thought the sell off had more juice in it to keep going. Got in on TWM at 71.19 just under resistance but it was looking good. It shot through resistance and turned it into support which was a good sign. It had one more last leg up and peaked and I thought I should unload some shares at this point but I didn't (I was waiting for a 3% gain to unload instead of a 2%, a little aggressive). I was stopped out at 70.40


I held on as it was going neutral. I did notice something that told me I should sell. TWM was on a downtrend but was holding support. A clear sign that a breakdown is in the works. What made me hold on was that I heard a tid bit on CNBC and some guy thought we'd be going lower before the close. That's the only thing that kept me in. If I hadn't heard that there's a pretty good chance I would of got out. CNBC is killin me. I like watching it because it's entertaining and I never do what they talk about unless it's the opposite. But this time it just got stuck in my head and bounced around and I wouldn't sell because of that.


twm trade chart

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