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David,
Ouch is right. I don't know where you are in at but with interest dropping the utilities will more than likely go up. With today's large range expansion you may have a chance to get in another position to go short higher
up. What usually happens is that when the price moves up to fast as compared to the current ATR over the previous few days will either cause one of two things to happen: Either the price will pullback on profit taking or
it may trade sideways then move higher again. Generally the first one happens. I know nothing of FE in terms of fundamentals do I am of no help there. But your right it doesn't look pretty.
I hope you can find some way to resolve this position,
Harley
David Walton wrote:
> This does not surprise me one bit. This "flight to quality" seems to have caught utilities on fire. I'm getting screwed on a trading range short play on FE. Take a look at that one if you want to see a sick short...
>
> David Walton
>
> ----------
> From: UG[SMTP:ug@xxxxxxxxxxxx]
> Sent: Friday, October 02, 1998 5:01 PM
> To: metastock@xxxxxxxxxxxxx
> Subject: Mr. Manasco...
>
> Based on a post John Manasco gave some time ago, I wrote a system which
> screened stocks based on his system (with only minor modifications),
> since it corresponded very closely to many things I've been kicking
> around; new highs, accumulation, high trending characteristics, adequate
> liquidity and enough price to make it not quite so speculative.
>
> Anyway, it picked Montana Power (MTP) on 9/23. As I like to buy on
> strength, I put in a stop order for 42 5/8. (high of 9/23 + 1/16). On
> 9/24, sure enough, it hit (barely).
>
> Given the market of the last few days, I'm pleased (and surprised) to
> note that it is up $3.25 so far.
>
> Here's the original post:
>
> > So here's my system. I screen every day for stocks making new 250 day
> > highs using the hhv function, C>hhv(C,250). I look for stocks whose
> > closing price is greater than 5 and less than 100. I screen for stocks
> > whose 50 day moving average of volume is greater than 50000 shares.
> > Mov(V,50,S)>500. I look for stocks whose ADXR is greater than 30,
> > ADXR(14)>30 and whose ADXR is rising, ADXR(14) > Ref(ADXR(14),-5). I
> > also screen for stocks being accumulated using the Chaikin A/D
> > Oscillator, CO() > 0 and CO()>Ref(CO(),-3). This give me a rising
> > accumulation line.
>
> Just wanted to share my good luck so far, and give Mr. Manasco credit
> where credit is due.
>
> --
> ========================================================================
> Blow ye winds, like the trumpet blows; but without that noise.
> http://www.unixgeek.com/cgi-bin/motd.pl - PGP email preferred
>
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>
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