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I'd like to tell you about my trading day. It was a profitable day – – not wildly so, but profitable nonetheless – – but I think I learned at least one good lesson today that is worth sharing.
As a preface to this little tale, I'd like to provide a few quick reminders:
1. I greatly prefer the short side of the market. This is a curse and a tragedy, but it's how I tick. For whatever reason, I am put together in such a way that I'd rather be short a given security than long. I think I'm old enough to recognize that this is just who I am, and thus, Slope tends to have a very bearish bias.
Whole Foods Market, Inc. (WFM), which has been in a sideways trading range between 54 and 67 since early this year, jumped 2.32, or 3.6%, Wednesday to close at 66.85. That's just slightly below key $67 resistance and a multi-year high. We could see a breakout above that area if the market continues with its recovery.
If a breakout occurs, the next move could take the stock between the 69.50 and 71.50 areas. Preferred entry price is 67.55 with a stop at 64.80.