12Dec1:52 pmEST

Update on a Chess Piece

badassery,chess,tiger,board,checkered,painting-77feff205130e63f4efd9fc73e5f8a88_h I am still short the mega rail UNP, representing about 6% of my trading portfolio capital. I have cushion on my initial entry, above $118. On the updated daily chart, below, you can see the rail flipping back to nearly flat after a bounce at the open. I am sticking with the short because I view the highlighted consolidation as being a "bear flag," or price leaning down against an important level. Here, UNP is leaning down against its 50-day moving average (darker blue line). I am pressing for a breakdown next week. My cover-stop is still above $124 in the event I am wrong. UNP  

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