I held my short position tightly yesterday as the price pushed up into $60. I must admit there was temptation to jump ship (or perhaps jump back on ship with a buy order to close out the trade) but I had faith in the resistance offered at $60.
I think a short position in CBA will be profitable over the short-medium term with Greek debt worries resurfacing and massive finance sector regulations being discussed in Washington and by the IMF likely to put downward pressure on bank stock prices.
Given the CBA share price is at 12 month highs at almost at pre-credit crises levels I think the buyers will retreat with sellers pushing the price back towards $50-55.
Strong sell in the short-medium term
Dreamcatcher
CBA Price at posting:
$59.04 Sentiment: ST Sell Disclosure: Held
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