- ready for another go at CMG
on the short side - The last stop was very close at only 1 ATR and it got hit right away. Oddly enough, that at least shows some strength in CMG
for future reference. If CMG
was very weak, it would have stopped at the key resistance level
that I highlighted. The fact that it could get back up to the mid-point of the decline is a good sign for it longer term.
also tagged the earnings
line that I have drawn here. That is a key resistance level
and a low-risk level to sell short against. I missed pointing it out as a trading level for us here.
The ATR(11) is 10.8 points, which means CMG
is twice as volatile as the stock market. I see 555 now as a stop level and my target will be 510 instead of 500 on this 2nd effort.
542.65 last, -2.77
May 31, 2014 12:42PM EST