This setup is similar to the DRYS trade I made on November 10th. There is just a complete lack of buyers after the move down in the morning. There was probably one buyer showing a lot of size at 8.70 that finally decided to lift. You can see the bearish candlestick at the top of the range on high volume where the bulls threw in the towel. I passed on this one because the risk/reward just wasn't there as I wasn't expecting TIE to get below the strong support at 8.50.
Wednesday, January 7, 2009
Wednesday chart of note - TIE
This setup is similar to the DRYS trade I made on November 10th. There is just a complete lack of buyers after the move down in the morning. There was probably one buyer showing a lot of size at 8.70 that finally decided to lift. You can see the bearish candlestick at the top of the range on high volume where the bulls threw in the towel. I passed on this one because the risk/reward just wasn't there as I wasn't expecting TIE to get below the strong support at 8.50.
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