18Mar12:54 pmEST
The Triumvirate of Steep Trends; Chess Moves
I just went short Home Depot (HD) at $113.85 with a cover-stop above $118, playing for the long-term steep trend to finally crack. Today, peers LOW and SHW, comprising the three-headed monster or triumvirate of very steep long-term winners in the housing retail space, are showing notable weakness after their latest post-earnings pushes higher.
Like most of my trades lately, this happens to be a contrarian play. However, I am taking the trade on its own technical merits, rather than to prove some macro thesis.
This play adds to my short book, which consists of AXP GOOGL V.
And coffee, JO, is staging an impressive upside reversal as we speak.
I will be back with the HD chart and more analysis in a bit.
UPDATE: Sold the final piece of my $GOGO long here at $21.41 from $19.93 entry last week to lock in the rest of the win with market weak before FOMC
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