I’ve dabbled in TNA (in and out already) this morning for a 1% profit, and now I am short Pioneer Natural Resources (PXD). This stock has rallied over $12/share into resistance, or the previous area that it broke down at before. I’ve got a fairly tight stop-loss on it as I managed to get in at $71.16 and placed my stop-loss at $72.20. So it doesn’t give me a lot of wiggle room. But this market has been on an incredible tear, and if for some freakish reason, if this market decides to rally 20 points into the close today, there isn’t any way I am going to hold on for that rally.
By the way, this was a chart that I posted in my short setups from yesterday.
Here’s the Chart on PXD.
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