The Wheels Come Off

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Just a few days ago, I did a post for my Gold and Diamond subscribers called Broken Axle, in which I pointed out the powerfully bearish pattern exhibited by American Axle and Manufacturing (I have unprotected the page so everyone can see the original post). Here’s what it looked like:

And here we are this morning:

In fact, one of my subscribers just sent me a nice email which said, in part, “Thanks for the AXL chart! I closed my position with 110% profit. You would have probably stayed in it but I am fine with my decision.”

Frankly I think this is just the start of a multi-month slog lower for AXL, but I’m glad it has been profitable for folks already.