Thursday, August 25, 2005


In a recent posting I mentioned how I "jumped the gun" and shorted symbol LGF since it was in an emerging head & shoulders pattern (but had not broken the neckline yet). As the post states, this paid off (even though one should not typically engage in a position until a pattern is confirmed).

Well, as my fellow technician Britney Spears sings - Whoops, I Did It Again - and I shorted PetSmart (PETM) on the basis of an emerging head & shoulders pattern. Although this is only going to keep encouraging my bad habits, the stock got hammered today, down nearly 10%. Now it has broken the neckline, and this short position is even more attractive than ever.

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