Tuesday, November 4, 2008

SMN Update

This chart of SMN I posted on October 23. I alerted readers to a possible blast through $110 but also warned that it could be a blow off top. A great call in retrospect.

The etf is now about 50 points off that top and I believe it is very oversold. The 50 day ma support comes in around $60. I will be watching this one closely.


Billy said...

Hey Dude, How can an ETF that shorts the basic material industry be over sold? Do you really think it will turn again where we can make more?

About Me

My photo
I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.