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It was only last Tuesday that I wrote how my short idea for McMoran had completed its journey to its supporting trendline (I went into this in greater detail on my TastyTrade show) and that it was time to cover and, for those so inclined, reverse the position.

Well, I just about fell out of my chair when MMR opened this morning; it is up over 80% right now, thanks to a corporate buyout.


It's an instance like this that has given me a lifelong fascination with charting: in a way, this chart provided guidance not only to direction but also to potential. You can see that, even in the face of an extraordinary premium paid, the price for MMR beautifully nailed the price level I had laid down months ago.


Of course, there's nothing actionable about it now; the ticker will soon disappear into the annals of financial history. But I think it's interesting to reflect on such an event.

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