Today’s Trade: SSRI

I’ve been eying metal related stocks for a short, and SSRI (Silver Standard Resources, Inc.) seems to be rolling over for a retest of last week’s lows. More than a few elements make this an attractive short.

1. The low volume pullback seems to be stalling right at resistance.

2. The two day RSI made a lower high and seems headed down to oversold levels.

3. Stochastics seems to be losing momentum and ready to turn.

I went short 500 shares of SSRI at $32.24. I will likely place a stop in the $33-34 range with an initial target of $29.50.
I’ve also had my eye on some steel stocks, but all the acquisition talk in that sector has me a little gun shy.

2 thoughts on “Today’s Trade: SSRI

Add yours

Leave a Reply to walter Cancel reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Blog at WordPress.com.

Up ↑

%d bloggers like this: