Thursday, June 21, 2007

3M Company (MMM) and a Dow component short play

I was stopped out of my QID trade last week. I dipped into another short today, this time with 3M.

Looks like 3M is up against resistance. Interestingly, the previous times MMM has reached this point it has fallen hard, with each time going lower and lower. (Click on weekly chart). My initial target is $79.50.

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