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gofx
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I trade stocks, options, and foreign exchange for fun and profit. I am not risk averse and often make short term trades.
  • AA Set For Upward Reversal? 0 comments
    Nov 14, 2013 9:05 AM | about stocks: AA

    AA has recently been suffering from apparent LME based concerns. However, as we all know AA has done a good job of developing downstream sources of revenue which appear to be in solid growth markets.

    Take a look at the following chart (click to enlarge):

    The recent double test of approximately $8.75 may indicate a short term floor. A turnaround may also be hinted at by the recent upward cross of the 50 day MA above the 200 day MA.

    Risks might involve a change in expectations for the auto or aerospace sectors. However, at this point, I think the risk of reasonable price drops based on LME actions should be baked in.

    This looks like a good point for a speculative play.

    Disclosure: I am short AA.

    Additional disclosure: I currently hold a put and a call option on AA. I may initiate a new short-term long call position within the next 24 hours.

    Themes: Spec, Technical Stocks: AA
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