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.
Paul J Singh 
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