Today Bank of New York (BK) dropped below my initial purchase price of 28.50 to 27.93…At those give away prices, I tripled my position at $28 a pop. BK is now trading at 28.82 and I gave them back part of my position. How did I know this?…the charts….the move is all technical despite all the noise of bad economy all around.
This market is the ultimate day traders dream, but also if you can hold on to some of these names, you will be rewarded later in the year. Do your DD.
Its time to go watch some Confederations Cup soccer.
Long BK.
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