Trade of the day for 07/18/2012
If we compare VZ daily chart with indices charts we can see that VZ have own way and that don’t care a lot about market action. That is best what we can find as traders. We took PSEC at 06/26/2012 at $43.86 with stop under $43.40. Initial target was around $45-46 number resistance area and that is exactly what VZ reached yesterday. First what you can see on the chart is nice pace after setup what suggest that we could see target area. Next what we can see is very nice reward what we got. It was four time bigger then risk, and that mean four negative traders could be covered with one trade like PVZ. Congratulation to all takers and good example for everyone that during summer when market is always less attractive then rest of the year, we can find good trade.
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