Good morning, everyone. Considering all the mayhem from Netflix (and congrats to those here who profited from it), it’s a surprisingly dull-feeling morning. As I’m typing this, the ES is unchanged (!) and the NQ is up over 20. Just to get a fresh post up for the day, I’ll show an updated chart of one of my shorts, Scotts Miracle Gro (symbol SMG). I entered this as $87 and have a stop of $85.50 on it. As of this moment, it’s trading at $81.
What I’ll be watching for on this one is a break of the trendline, which I’ve suggested with the yellow tint below. The stock is already down about 25% this year, but keeping the bigger picture in mind (above), my view is that the prospects for even lower prices lie ahead.
