Through the course of any trading day, I take snapshots of the most interesting charts, save them, and write up a post about them when I have time. Yesterday, I took a snapshot of AutoZone (symbol AZO) as a short candidate, but unfortunately I didn’t get around to doing a post on it (I did, however, mentioned it explicitly in my video last night).
I entered today short AZO and long puts on the same. I’ve covered the short and sold the puts for now, although I think there’s plenty of opportunity for lower prices ahead. What drew me to this short in the first place was its failed bullish breakout; what will bring me back in would be a retracement back to its failure level.
