You can see that things look pretty good from a going down perspective. But my eyes see something else. I see that I missed the top. We should have a 50% profit right now. But its a couple of days later and I dont like that. I dont like it because of erosion, I dont like it because after a couple of days the crowd has already come to thier senses and the price has readjusted, like what has happened above and I should have already gotten out. Now that the crowd has come to its senses, the contrarian window is closing, the price is adjusted to where the crowd thinks it should be with the good news glow worn off. Things now are getting dangerous for the contrarian. Its like hanging around a bank after you rob it and the police are almost there. So can I pull this off? Right now the option price between the bid and the ask is at about 1.70. I can see that there is room to drop with the RSI in overbought position and the MACD on the way down. But the MACD is a trailing indicator, so I cant put too much behind that. Volume is dropping off, so thats good. What it comes down to here is I need a bad day in the market where the market is down with a combination of no more good news to let this stock drop further. And the more force it drops in one day the higher our put option goes. So we will continue to watch this one. Stay tuned for more updates today.
Tradinginsider
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