Applied Materials on the way down - AMAT
Updated
Long term chart here, logarithmically scaled to account for the long time span. As you can see, it's at the top of the channel and after the horrific week it just had I think that's the catalyst for a trip back down in the channel. It just broke below the 50 SMA. Top of channel + 20% down week + 50 SMA breach + macro market headwinds = down.
Trade active
Still staying in the trade, although I am less confident now that the macro headwinds have shifted to being tailwinds. At least the last couple days based on a chart of this length. It would have been better to wait for the bull spike to go short.... but I ride on the short bus!Trade closed: target reached
Closing out short. Expecting a pretty large bounce up for entire market before one more leg down.Note
Who's your daddy?! Called the bounce and subsequent fall. Booyah.
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