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Keeping my eye on Under Armour
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The market is opening on my side this morning. I own two stocks right now, AAPL long and UA short. AAPL opened up over $1 and UA is down 2% all in the first 3 minutes of the market.
After it rally'd with the market on Friday, I was worried UA would start trending against me. This morning's action verifies that it is not. It broke its short term support on unusually heavy volume and kept going. Traders picked it up at $45 and ran it back up to its short term resistance at $46 at the same time as the market turned green. I believe it will bounce off of 46 and trend lower. If it gets above 46.08 then it might start going green.
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This site is not just a place for me to speak my mind, my goal is for these posts to be a catalyst for conversation. If I have stimulated some thoughts/ideas please be sure to contribute below. Dont be shy =)
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