Sunday, January 30, 2011

Drys Still holding Puts

Still holding my DRYS Mar 5.00 puts. We had some support a couple days at 5.00 then broke through to come into a uptrend line (lime green trend line) along with the 200 day average.  My Putts are still in the money but I have a break even stop on this trade so I will not loose. I still like this short and think we will break the green trend line to get the final push down to my target 4.00

Here is a wider time frame that shows where I get the green trend line connecting the 2010 July low to Nov low pivot. There is a gap around the 4.25 area which depending how fast we get there I may take half of my position off and take some profit ,but lets not get ahead of ourselves and get through the green trend lined 1st

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