ICAGY short-term short play -- currently near channel topICAGY is a great value stock, and I've been watching for a turnaround for a long time. It's got excellent analyst ratings, a good dividend, and a great P/E.
Unfortunately, it's been in a downward trend for months and is likely to continue downward until a significant catalyst such as a beat on the August 2 earnings report.
It got a bump a couple days ago when it announced a big order of new Boeing jets, but this only pushed it to the top of its channel. With a lower high and bearish divergence on the MACD, I expect a turn downward toward channel bottom on Monday. The alternative is upward channel breakout, which is unlikely but would be nice.
Sidenote: ICAGY always does really well in November, leading up to its dividend payout, then drops hard on the ex-dividend date. That'll be a good month to go long on this stock, if not before.
