Tuesday, January 6, 2009

ADM

ADM looks like a good short here. I bought a Feb 25 put.

ADM has retraced about 50% of its fall and has more than doubled since it made its low. 200 DMA is heading down and it's acting as resistance for now.

Upward momentum is slowing and MACD is headed down.

I'll stop out above the 200-day. Looking for it to get to 23, but that's a rough guess.

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