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Took a Short Position in AmerisourceBergen (ABC) at $37.48

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June 25, 2012 – Comments (0) | RELATED TICKERS: ABC

I'm now up to three long positions and just two short positions, though, even as soon as tomorrow, I could see me flipping to the short side more aggressively. I'm essentially watching the daily chart, and looking for a true breakdown below 1306. We get that, and I think this market will indeed see additional downside and a resumption of the weakness that started off of the 4/2/12 highs. 

Here I've jumped into Ameribergen (ABC) as a short position at 37.48. I don't expect t he stock to dive aggressively, but do believe it to be a nice balance against my existing longs in the portfolio. 

In the chart below, I've included my entry and my stop which can  range between $38.76 and $39.07, depending on your risk profile. My ideal target would be $34.78. 

Here's the ABC chart setup

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