Shorted -62 NBR @16.42

One more try today to short NBR just seconds before the close. I watched NBR's Level II for the last few minutes and see the 100+ ask at \$16.43 held steady to the end.

The market has been climbing up for 4 days now. With so many stocks testing their resistances, it's hard to imagine we can keep steaming on ahead without some breather. So I'm giving this short one more try just to test the water.

Entry: \$16.42

Stop: \$16.7, near recent high

Target: \$14.80, previous congestion zone

Reward / Risk = 1.62 /0.28 = 5.8

Update 07/17: I got stopped out at \$16.70 just after noon hour.

[caption id="attachment_1599" align="aligncenter" width="500" caption="Nabors Industrial Ltd."][Nabors Industrial
Ltd.][][/caption]

[Nabors Industrial Ltd.]: http://traderpau.files.wordpress.com/2009/07/2009-07-16-nbr1.png