Friday, August 04, 2006

Short initiated today

I shorted Allegheny Technologies today. I put in a stop limit order at the 50 dma when the market gapped up this morning. I was filled at 63.09 when the market reversed itself later in the morning.

The chart has all the hallmarks of a good short, but I'm nervous about the near term reaction to the Fed meeting on Teusday. As a result, I've put in a tight stop-loss at 66 bucks. If I get stopped out I'll short it again if it crosses the 50 dma again.

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