One For The Road
It’s Friday afternoon and I’m preparing to go massively long my obligatory pre-weekend Hefeweizen.
Yes, I know there are great American micro breweries, but what I can I say – it brings me back to my restless days when my biggest worry was which promiscuous Fräullein to chat up at the ole’ Parkcafe in Munich. If you’ve ever been there you know what I’m talking about. Those were the days…
Anyway, I thought I throw out another symbol for my stainless steel rats – it looks like a good one and there’s really no rush to get positioned:
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Yes, I’m starting right at the start of the alphabet. Agilent has a nice run and is now near a resistance line which I should really have drawn with a crayon (if there was one in Prophet charts). I think taking it either here or after a push into 51.50 is good medicine. The only caveat is time – I want to be out by 5/13, no matter what happens. FYI – if you take on puts be aware that IV may be jacked up the week ahead of earnings and you definitely want to be out before they report as to no get hit by IV crush.
It’s currently trading at 49.89 – personally I don’t want it until it touches 50 or 50.5 again. Also, it seems we didn’t get that H&S fake out reversal I was hoping for and are now in the process of resolving. Which means that there may be plenty of follow through that will lift all boats. So I would actually love to see a breach of the resistance line here after which we may get a close far outside both Bollingers.