Sunday Prep 8/08 - $AMC Short
Almost feel like there’s no way to talk about this stock without hurting somebody’s feelings. So I’m sure this is where the video version of this will get a bunch of thumbs down. But this is such a broken chart that any spike off the report should be looked at as a gift to hammer short. My first level of interest is close to 42 where you have the monthly pivot which is approaching that upper trend line. If they somehow manage to spike it further than that, 45.50 is the 50d and 45.87 is the quarterly pivot, and you can see recent highs from July in that area as well. I would be polishing Thor’s hammer at that point. But let’s be honest the thing most likely Tanks off the numbers at which point there would be spots where I would buy very emotional flushes. The first area would be around 25 due to the fact that it’s a psychological number and you have the monthly pivot at 26.21. If it were the gap down further than that 20 is the next level of Interest because it’s a psychological level as well and you have the quarterly pivot at 19.12. The other way I’ll look to play it if it gaps down big off the numbers is to short any significant pops and join the trend.
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