Expediting a Short Here - Market Failing At Resistance
This morning, I didn't expect to have any chance at holding my one remaining short in Copart (CPRT). However, Google (GOOG) surprised to the downside, which basically led to a market sell-off across the board, and led to Google's stock being halted for dropping more than 10% right before 1pm est, and has yet to open since.
The short Trade that I put on was in Expeditors International of Washington (EXPD). This stock has a solid double-top in place followed by a breakdown. What I like about it, is the rise into the neckline/previous support/resistance and so I shorted it at $35.65.
The stop-loss is roughly 3% above the entry and is the point that I would have to cover at if the trade goes against me and that is at $36.54.
Here's the EXPD trade setup.
SHORT: Expeditors International of Washington