Friday, April 08, 2005

Riding the Transports

I have recently taken a liking to shorting certain transportation stocks. Symbols include NSC, CNI, and BNI. The above is a close-up of NSC.

As you can see, there are two nice, clean supporting trendlines (well, formerly supporting). It took out the first one a couple of weeks ago. And it took out the lower one today (April 8th). I've covered this position for now (as well as my short and put for CNI) for a nice profit. If you look at $TRAN, you'll see it violated a major supporting trendline today as well.

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