Tuesday, July 13, 2010

STEC - Short did not confirm

Was watching STEC today for a short but the market did not let it retrace.  STEC went right up with the rest of the market and at no point did it confirm to sell short.  A confirmation to sell short for me would have been a breach below the prior days low, but it never did.  STEC currently closed right at the 200 SMA and I will watch closely tomorrow to confirm if it acts as resistance once again.  If the Market is strong and it breaches the 200 SMA on vol, I will now discard it as a possible short opportunity.

Here is the daily chart:




















Thanks for reading!

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