Hello Stockhoppers, The Dow is taking a little time off here as traders look to be taking some money out and are a little nervous about the 11000 mark. The Dow chart is showing this morning that there is not alot to be alarmed about. It has not broke down its short term resistance nor is it down to the 21day ema as of yet. These are the two criteria that I am following right now to gauge the sentiment of this market.
As Far as Ford stock goes, take a look at the stock chart. It is, up to this point doing exactly what I blogged about a couple of days ago. I said it will hit 12.25 with a chance of 12.00. Keep watching this stocks 13day and 21 day ema, as you can see it is crossing in a downward direction with the 13day crossing down over the 21day, a very short term bearish sign for Ford stock. Part of what the stock chart is telling us is that other auto stocks are coming out with decent to good news, so traders in this sector are buying else where.
My active trade is (I shorted 500 shares of GE at 17.93)I am holding that position as it is under the 13day ema and should at least go to the 21day ema. I am watching this position very closely. If I see a better opportunity here and Ge starts new trend I will liquidate the positon and take the small loss. That is all for now
and until next time..........Happy Stock Charting!!
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