01 March 2007

trend lines at work - NYX for short?

update 1116am friday 3/2 -NYX opened strong and remains strong. it has already filled yesterday's gap - still monitoring

update 402pm thursday 3/1
- NYX closed above its opening price, but there was a huge gap down at the open, and it didnt close up much on more than average volume. i will be watching this one tomorrow morning for a short entry.

in the chart below, the intersection of the blue uptrend line and the red horizontal support line represents a critical support for this stock. if it's broken, especially with decent volume, there could be more downside, otherwise, if this support holds, i wouldn't consider shorting until there is retracement up to the underside of some significant support line or moving average.

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