Those questions (and the answers) don't mean SHIT in trading. Everyone thought wheat was expensive at $6 a barrel. What do you think they thought when it was @ $12? That logic just doesn't work. Stocks are just commodities. Game of hot potato
Thank you. Alot of people complain and talk about what a terrible place ET is, or has become. Since my illness I have found the exact opposite to be true, and with the exception of one person who had a bad experiance with me when I ran a subsription service (who wished me a slow and painful death), I have had nothing but kindness from people. Thank you again for your very kind regards.
MCD is at a 52-week high and has moved far above its SMAs. The majority of the time this acts as a bit of a magnet and the stocks pulls back at least a little before resuming an uptrend. Today, the OP can already take profits in pre-market, based on his/her entry price. Also MCD margins will be adversely affected by increasing food prices, making it more difficult to continue to post strong earnings.
I've lost more money buying retracements than I ever did calling tops. I think this 'common knowledge' is ultimately erroneous knowledge. (but maybe this implies i have a talent for identifying fundamental blowoff tops)
I took profits at 65.00 this morning. Profits= (66.05-65). I am going to re-enter on revisit of highs (around 6.15). Entry is in next post.
11:38AM Monday August 11, 2008: I just re-entered my short position. Price at $66:38. My cost basis is now: 66.38+1.05 (profit).