Short Setups for Friday

By: Scott Johnson Friday, October 03, 2008 12:25 PM

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The next market session will close:

Good setups are few and far between, but I managed to find a few I like. I am approaching with care, considering the distinct possibility of a strong counter-trend rally.

- PTNR is sitting under resistance after a high volume drop earlier in the month.

- MTH: Meritage Homes hit a low of 7.04 in January, and closed at 23.65 yesterday. I am considering buying puts.

- IIVI broke through a one year old trendline yesterday on increasing volume. Hat tip to Evil Speculator for this one.

- ILMN broke down through the 200 day moving average yesterday on increasing volume.

- SMTS has lower highs and lower lows in place, and appears headed toward March lows.

- STSA is still in an uptrend.

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