Friday, March 09, 2007

Today's Trade: SSRI

I've been eying metal related stocks for a short, and SSRI (Silver Standard Resources, Inc.) seems to be rolling over for a retest of last week's lows. More than a few elements make this an attractive short.

1. The low volume pullback seems to be stalling right at resistance.

2. The two day RSI made a lower high and seems headed down to oversold levels.

3. Stochastics seems to be losing momentum and ready to turn.

I went short 500 shares of SSRI at $32.24. I will likely place a stop in the $33-34 range with an initial target of $29.50.
I've also had my eye on some steel stocks, but all the acquisition talk in that sector has me a little gun shy.


walter said...

i charted AKS, ATI and X to make cases for shorting on my blog

check it out if you get the chance...


The Market Speculator said...

Nice start to your site, Walter.