Monday, March 15, 2010

GME in trouble

Bad-boy GME, a March bull call spread, got lost and dropped through two reversal points before pausing just below the second, $18.85.

The stock got bad press from analysts before the open. Earnings will be released on March 18 before the market opens.

So it's important to close this position today, and I'm watching the 133-tick chart to find a decent exit price, based on the price behavior. At this moment $18.83 is acting to block further upward movement, having been tested six times in the last 20 minutes.

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