Friday, December 26, 2008

Friday CNP

I put on a long-term short position in CNP.

Here's the lifetime chart. I think it's important that it wasn't able to make new highs during 2007.
Here's the 5-yr weekly. Peaked in July 07 and is in a downtrend. It sold off badly in Oct. and has since retraced up to the 13.20 area which was past resistance and support.
Here's the 1yr daily. Huge fall in Oct., but the it rallied back to 13.20. The stock has been losing momentum and turning over. MACD looks bearish. I bought an Aug 09 put and I'm stopping out if the stock goes above 13.50

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