Thursday, December 11, 2008

AZO Jan 100 Puts @ 2.15

Bought 3 Jan 100 Puts for AZO at 2.15; hoping to see it fall to its 200day, at least, or even better, its 50day. It's been strong, but I can't imagine it will be able to hold onto such a high RSI for too long in this environment. Its earnings were good, but not good enough to push it above its 52week high. Basically, I'm looking for a pullback and strong resistance at 130.
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