NYX
If NYX breaks high 62 (there is a ‘day traders’ support there), it will see the high 50s. The action is tough to watch, especially since I was not expecting such weakness from the name.
It looks to be trading as if earning estimates are too high, and re-pricing for much lower estimates. As it stands now, it seems inexpensive with a PEG of 0.90, and the fact that is crushed estimates last quarters.
7 straight down days, and a grossly bearish chart is tough to stomach.
Also, I am not a fan of the conflicting indicators I am seeing via the charts for the overall market. So prudence dictates protection against the NYX trade, or to close the position.
I am thinking about the July 65 puts as protection. (although it pains me to protect something so oversold and inexpensive)
