Hold Short Position in FHN
The market continues to display impressive resiliency. Today seemed like a good day to pullback, but alas the bulls won’t give in so easily on these light volume days.
We entered a short position in FHN on July 22, and I suggested a "mental stop" to re-evaluate if it closes above $11.79, which was the prior Friday’s closing price. However, the market is trying to relieve its overbought condition, and FHN seems to be struggling at this $11.79 level, so I’m going to give it a bit more room and hold another day, no matter how it closes today. At the moment, it is trading at $11.77 after getting as high as $11.96. Let’s see how it trades (and closes) tomorrow.
Best Regards,
Scott Martindale
