What I dislike about all the “down” days we’ve had recently, is that it’s just the high-flying stocks that really lose. The stocks near new lows (at least the one’s I’m watching) don’t really drop. Today, in the afternoon, Spansion Inc (Nasdaq: SPSN) finally triggered as one of my short candidates. But, I was skeptical that this would be another case of a quick reversal.

So, I didn’t take this trade, but I was watching it to see if I should go short anything else.

The line’s around the area where my watchlist number was (13.56 or so). Had I taken this trade, I’d have perhaps gotten out break-even, but most likely would have taken a small loss. The 30 minute candle I’m showing is really too generous… if you look at the 5 minute chart for that candle, you can see that it chopped all over the place, and went up before it went down, only to come all the way back up.

So, I had my answer! Right after I took this screenshot, I turned off my platform. It’s not the right market for me. Tomorrow may be much better… it will be interesting to see what the daily charts look like after a day like today.

Stocks Mentioned In This Article
Stock	Links
SPSN	| |