INTU as a short

Discussion in 'Trading' started by outcyde, Jan 11, 2004.

  1. outcyde


    I have started buying INTU puts, and will continue on Monday but I need some opinions from experienced traders. I am new (about 1 year) to technical analysis, and although I am fairly confident about my trading ability, I need some other opinions.

    Here is why I am buying puts on INTU:

    1) 5 yr trend is for INTU to go markedly lower in first part of year
    2) Closed below 50 Day MA on 1/7/04
    3) Closed below 100 day MA on 1/8/04
    4) Two top executives left company right before product launch

    Anyone else have thoughts on it?