Tuesday, February 12, 2008

XAL - Sold Half of the Position

The airline index broke to the bearish side of the wedge on the half hour chart and triggered our sell on 1/2 of the position.

The downside target for the wedge is 35.25 which is about 6% lower from current prices.

We are holding the other half of our position and may even add to it once we achieve the downside target. This will have to be determined upon reaching those levels.

The remaining position has a stop loss at 34.25 which will still lock in 12% should the stop get triggered.

The model continues to call for higher prices and based upon the models abilities to predict price so far, we would be foolish to doubt this forecast.

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