A Couple Trades I’m Watching…
Macy’s, Inc. (NYSE:M) has been in a pretty nice down trend since October. I’m short at around $17 per share. If the trend reverses, I will exit quickly, but I think there might be a few more bucks of downside.
The chart is shown below:
Simon Property Group, Inc. (NYSE:SPG) is off it’s highs above $80. I decided to short as it crossed back below $80. I covered the position as it ran into support just above $75 yesterday for a nice little profit (still down huge on SPG after holding on to my short for so long in 2009… oh well, live and learn). Today, the stock is bouncing off its support as expected.
Right now, I have no position, but I’m watching to possibly reshort in the high 70′s. Chart shown below: