UPDATE : 10/11

SIGNAL:  TRADE CLOSED (stopped out)

The short trade was in the money since entry, but the stock rebounded sharply triggering the breakeven stop we set earlier this week.  No profit on the trade.

 

10/3/2013

Symbol: MCHP (NASDAQ)

Signal:  SHORT

New SHORT signal on MCHP, which seems to be testing the bottom of a year-long uptrending channel.  We are noticing sell signals on other stocks in the sector, so this is likely a corrective move on an over-done sector.  Profitable trading pattern goes back to January, 2012.

Related analysis supporting position:

N/A – possible corrective move down on a long term up trend.

 

Click image to enlarge

Click image to enlarge