I've got one more summer trade for you. JWN appears to beginning the 5th wave down of the downtrend that began in early 2007. As you can see in the weekly chart below, JWN recently bounced off its declining 200 dma, broke back below its 50 dma and really has the "horse in a burning barn" look to it. If you used the 3rd wave down as a guide then we should target around $20. Maybe btb will shares some thoughts on shorting JWN.
Ok, I'm off to sail the Caribbean Sea for a few weeks. Hope you all have a relaxing and profitable summer. See you on the other side.
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