NEW BEARISH Plays

Steel Index - SLX - close: 39.46 change: -1.74 stop: 44.05

Why We Like It:
I want to increase our exposure to the steel makers. This group just broke its bullish up trend today and volume was pretty strong on the breakdown for the ETF. Yet I don't want to short it right here. The plan is to open bearish positions on a bounce in the $41.50-42.50 zone. Our first target is $35.50. FYI: The Point & Figure chart is bearish with a $30.00 target.

Annotated chart:

Entry on      July xx at $xx.xx <-- see TRIGGER  
Change since picked:     + 0.00   			
Earnings Date          00/00/00 
Average Daily Volume:       297 thousand
Listed on  July 06, 2009