CRM and FOSL continue lower this morning after weak reversals yesterday following big gap-up opens that turned out to be little more than bait for the market fish. Right now we are looking for CRM to hit the 94.09 low of nine trading days ago when the stock gapped down thru the $100 price level, so that is a near-term price target. Of course, traders can take profits whenever they feel they have reached their own objectives for the trade.
FOSL has "broken out" to the downside and for now we are using the 80 level as a rough trailing stop on the upside, while the 73.01 low of October 4th is our initial downside target for FOSL.
BIDU was obviously stopped out yesterday at the 118-120 level, depending on what one is using for a stop. However, BIDU should be monitored as it could come back into play on the short side in the future. For now, however, yesterday's action helped to weed out the weakest short-sale targets to go after: CRM and FOSL, given that they reversed hard yesterday and closed down in a big up day for the general market.
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