Thursday, January 20, 2011

What a base

We're long SHLD in our long term account (1/5 starter from 75.2 which we unfortunately never added to) and we like how it's looking.  The pattern is still wide and ideally needs more time but with today's momentum it might not wait too long.   Great base that breaks out at 79.

Just last night we wrote in our newsletter: 

"Our Long Term account still holds 1/5 BRCM SHLD.   We thought about selling them today and buying them further down but it's a small starter position and we're just going to sit.  If things get ugly we'll probably will add (and post it in newsletter when we do)." 
 SHLD very difficult to trade short-term and we prefer to put on a small longer term position as long as pattern is valid and just sit.