Someone always doubts me, so here's the quote. http://elitetrader.com/vb/showthread.php?s=&postid=250015&highlight=gold#post250015 I haven't been right on all if it yet though.
Absolutely. I just pulled up charts on this issue on all timeframes and I see absolutely no indication that it is yet time to reverse the position on this issue.
This post should be mentioned every time yet another person tries to short at 52 week highs. I know somebody else quoted this too, but it's worth seeing again.
Notice you like Fleckenstein. So let me ask you, do you think the above? Or does Fleckenstein? Listening to the fundamentalist fundamentalists (not a typo) can be dangerous stuff. This guy was bearish on stocks from '96. He sounds so cocky with his, "I told ya so" attitude, but the fact is he didn't tell ya so, cos stocks never went below '96. Perma-bears always sound more believable, but they're just as slow to admit errors as the permabulls.
Now it's looking more like an agressive short. Resistance at $39, clear downtrend the the OBV. $37 is a conservative target, with stops just above $39. If I was going to do it, I'd wait for the next run at $39, short the reversal bar. The closer I could get it to $39, the less risk.