Last Update: 3.11.13

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2.25.13 Monday

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9:05AM CT: Entered Bearish @ $43.16

After Close: TANKAGE Continues…

Last Thursday I initially got in with some bearish positions right at open (when it gaped down) and I have been adding ever since.  Last Friday before close I added more bearish positions and today I have added more positions as I saw the bear flag was forming.  One of the key factor of this move is that we initially broke out of the ascending triangle formation few weeks ago (which is very bullish signal) but bulls were not able to keep their run thus letting bears take over.  That was enough sentiment for me to know that bears have been sharpening their knives.   Currently trading just above 50EMA and in the event that we break below, further bearishness will come.  Also we do have confirmed bearish divergence on MACD (daily chart) and with pretty nasty angle.  Next target at around $39.50 to fill the gap.

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2.26.13 Tuesday

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Closed Out 75% of My Bearish Positions @ $41.16

Well bears attempted to fill the gap and failed and bulls took over from there on.  Currently forming a bullish reversal formation (hammer) with high volume.  This is where I would be cautious with my current positions.  I wouldn’t be surprised to see a small gap up tomorrow but for the sake of my 25% of my remaining positions, I would hope to see $C would just continue to move sideways in that vicinity.

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2.27.13 Wednesday

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Out of Remaining Positions @ $41.75

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2.28.13 Thursday

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1:00PM CT: Re-entered Puts @ $42.65 (65mins Chart)

Facing the Bulls Head-On

Trend that is not confirmed by volume is deceptive

After Close (65mins Chart)

Volume came in after a shooting star appearance.

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3.1.13 Friday

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10:07AM CT: Stopped Out @ $42.44 (Broke Even)