Twitter Ticker ($MGM)
- Charles Amadeus
- September 17th, 2009
MGM Mirage is hot on StockTwits as the casino operator surges to a new high, only to reverse and end the day down 7%. I’ve been banking coin with $MGM since it appeared on my favorite screen, but today’s action hit a stop so I took some nice profits.
$MGM will probably enter a secondary downtrend, so guard your long positions carefully and don’t get complacent. Since it is trading in a primary uptrend, there will probably be a bounce like $ATPG did earlier this week.
Bears continue to be hunted and shot with abandon, so my focus remains on heavily shorted stocks that are technically strong. The market remains ripe for short squeeze potential, take a look at $SFI, another pick from the aforementioned screen.
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Charles Amadeus is an equity trader and IT entrepreneur from New York City. Utilizing technical analysis on a multitude of financial instruments, he writes commentary on risk management techniques for purchasing power preservation.
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