My most profitable short on Friday was Boeing, which I shorted a few days ago, based principally on the fact that, try though it might, it could not get past that lower horizontal shown in the chart below. In other words, following the MAX8 catastrophe, Boeing’s reputation seems horribly smeared, and it’s starting to show up in the fundamentals.
I’m going to hang on to this short. We are miles away from any meaningful level of strength. And although it is unrelated to the chart, I truly think Boeing’s reputation damage is going to be a drag on the company for years to come. After all, we’re talking about planes full of people dropping out of the sky here.