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Shorted BIDU At $78.89



August 30, 2010 – Comments (0) | RELATED TICKERS: BIDU

I am not planning on adding any additional short positions to my portfolio today - BIDU will be my one and only one. But others that I also like include this morning's short-setup - ALNY and MYRG, KRC and LEN. All of these stocks have nice setups that line up nicely on the daily and weekly charts.

As for BIDU, you have a solid uptrend dating back to early 2009, that has recently been broken, followed by a lower-high and a lower-low. There is also some short-term resistance from the previous low established on 8/12. So there is some heavy factors working against this stock to the upside, that for me, makes it a very intriguing short setup, with a nice risk/reward setup.

Here's the chart mark-up on BIDU.

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