Monday, June 28, 2010

BP get out now!

Excerpt from Blog posted on June 23. Now more so than ever. You have already lost/missed $2. My timing was the end of this week but may not make there.

3. Short BP

Don't tune out! I know many are saying this stock is going to zero, but I am about to say it is heading for a break lower imminently. It has bounced off of the 29 area for a week now which is forming the base of a descending triangle, and notice how the same steep downtrend line can be used to trace the volume fall off. It is setting up to break this triangle lower before the end of next week.

Updated chart 6/28/10:

The triangle is broken.

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