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Days ago we commented on the possibility of a pull back of MO to the $50 a level at which to open a short strategy playing the HS pattern . Today was the day to activate this strategy. The stop loss is shown on the graph as well as the expected target.
I noticed today that someone was buying AUG 15 55 calls today, about 1500 of them at the ask...was it a hedge? I dont know...but tobacco has done very well the last 2 days. Seems like money may be moving from the Nasdaq and into the Dow.
I am short as well...I am a very big believer in relative strength, so here is a chart of MO/DIA

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