I was patient this morning, maybe a little too patient, because while the market gapped down at the open, and started trickling higher thereafter, I refused to go short anything until we filled the gap. I kinda, sorta thought we’d see the market head back lower after that, but what I didn’t expect was the immediate dump that we got. That caused me to miss out on a lot of short positions i was looking to choose from. So, instead of chasing them, which never seems to end well, I am waiting yet again. Namely on MBI – which in my opinion, is one of the best setups out there to take.
From the long side Alexion Pharmaceuticals (ALXN) is a brilliant long-term trending stock that has pulled back to convernging price support levels…. take a look for yourself.
Here’s the Lazy Trade Long & Short:
LONG: Alexion Pharmaceuticals (ALXN)
SHORT: MBIA Inc. (MBI)