SSS - Follow-up on RIMM and the 65-Day Moving Average
The 65-day moving average is actually a very commonly-used moving average, and for those rallies or price breaks that "skid past" the 50-day moving average they often run into the 65-day moving average. We have to thank some of our trading friends for turning us on to the 65-day line for short-selling, and it has worked on RIMM reasonably well. So far the RIMM short we suggested earlier is showing a slight bit of downside movement, but no real price break yet. We might expect that confirmation of any downside move would be a clear, high-volume breach of the 50-day moving average, which is in fact around the 47.56 price level, as the daily chart below illustrates.
This information is provided by Virtue of Selfish Investing, LLC (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing, LLC. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2013 Virtue of Selfish Investing, LLC. All rights reserved.