Around lunch time, I looked in on the markets for a couple hours. TNA was moving so I focused my attention there.I was wrong on my first read, going short at the $36.15 S/R level. TNA continued its rise and instead of stopping out, I added to the short at the $36.62 S/R area.
Well, wrong read again... up it went. In the $36.90 area, it seemed that momo had waned and I then hit it harder with three more trades short. I then waited, unwilling to short anymore. After a protracted consolidation area, the break came. Being late for two customer estimates, I scaled out into the initial strength of the move.
The move continued for a while after I was gone, bottoming out about an hour and ten minutes later at $35.44.
-
