I haven't said anything yet about why Mechel OAO is on my watch list. A very good trader by the name of Denis Cowley turned me on to this stock after it turned up on one of his screens. Being a Russian company meant that the research necessary for me to get completely comfortable with this stock wasn't going to happen overnight (while the technicals were red hot), so Denis and I decided to initially trade this purely on technicals.He seemed to have more confidence and jumped in earlier than I did, but I bought this stock in mid-September for $47.00 and and sold it for a scalp at a little over $51.00 last week when I felt the stock was stalled and the volume was declining. Call me jumpy, but I saw overbought signals and wanted to lock in the profit. I have been watching it ever since.
It took a lot of discipline to not short this stock this afternoon on technicals. My 1st concern is that I may be a little early. My 2nd concern is that it would break a rule of mine to not short a really good stock (which I think it is).
So, I am doing something tomorrow. I am tracking a virtual short decision to see if I am seeing a rounded top or just a pull back. The money flow is poor and the CCI and MACD is still screaming overbought. That said, the RSI can stay above 70 for a long time and a lot of the positives about the stock (such as large insider holdings) mean that the stock may not trade well on technicals.
We shall see. For now, I am chickening out and plan to "fake" being short tomorrow and hopefully learn something. Denis, who is in Costa Rica hunting sport fish will probably tell me how crazy I am when he gets back, but oh well.... Here's to not risking anything and here is the chart:
One other thing: The ownership and stock movement suggest that this ADR has a lot of overseas buying action. The stock has lately been moving higher hard at open from the European markets to then fall back later in the day.
2 comments:
Howdy Sneak!
Does any ol' friend count?
Cool stats pages
http://my5.statcounter.com/project/standard/camefrom.php
http://my5.statcounter.com/project/standard/length.php?project_id=3000593
Did you see this part?:
If you only install the StatCounter code on one page of your website and your visitors never reload that one page. Then your visit length will always be less than 5 seconds! It is highly recommended to install the same code on all pages of your website you want to track.
I want you to get all the credit you're due. Sneak.
Oh! This is neat;
http://my5.statcounter.com/project/standard/path.php?project_id=3000593
You can spy on all of your IV buds!
That's me in Hooterville AL.
I hate it here.
Atlanta GA was a lot better, but the schools are pretty good here - if you go looking for them.
Hmm...
http://my5.statcounter.com/project/standard/magnify.php?project_id=3000593&ip_number=1090785682
That link keeps showing up as Michele, but I'm pretty sure that's me.
Oh, well!
See that little red dot?
There's ol' Fuzz wavin' atcha.
COOOOOOLLLL!!!
http://my5.statcounter.com/project/standard/visitor_map.php?start=0
Maybe you might wanna... see if you can block access to all this stuff for us rubberneckers?
Hey!
Can you go back and delete comments?
I'd sure appreciate it if you ditched that gaffe of mine Tuesday night.
I'm real sorry about that.
I gotta go to bed, now.
See ya back at the fort.
Oh yeah.
I can C&P all of this stuff.
You definitely want to restrict access.
SHAKE A TREE, SNEAK!
Post a Comment