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Altria Group (MO) All-Time High A Fade?

Apr. 12, 2011 11:58 AM ETMO
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Yesterday MO made a new all-time high and as such closed above last November's high. With earnings coming up on April 20th and the stock having had the massive move up, the question I am asking is whether it is worth trying to fade this potential double-top formation.  Fundamentally speaking I can see demand from emerging economies increase (or at least remain stable), as new generations of smokers turn up for the toking.

Technically, yesterday's close left a fairly suspicious bearish looking candle at an all time high and today's candle so far looks no better.  Additionally note how far from the 50 and 200 day moving averages the stock has moved.  i am not one for holding many bucket 2 positions into earnings and I don't plan on doing so here either.  

What I wrote in today's Morning line-up and we discussed in the chat-room was more along the lines of a quick bucket 2 short ahead of the earnings and being back out flat before the numbers. Yes, exact levels were discussed.

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