NYSE Euronext (NYSE: NYX) was still around $80.00 last Friday but it already looked ready to take a fall. My informant, who I shall call ZZ Top to protect their identity, spotted this early last week. After conferring with my colleague, Welles Wilder (an alias of course), and our trusty apprentice VIP, I decided that NYX was on borrowed time and it was nearly time to short sell this. A descending triangle was right there waiting for us to hit it. I was quite surprised to see this drop immediately to my trigger price of $78.58 yesterday. Nevertheless, a disciplined trader should always be ready to put their plan into action. Therefore, order #1 for the day was executed almost immediately. Now the long wait starts for our downside target of around $51.73.
Now let's talk about the Nasdaq 100 index issue, Irish airline Ryan Air (Nasdaq: RYAAY). Everyone is talking about the troubled sector, the airline industry. There are a lot of candidates to short in this sector but I decided to concentrate on RYAAY as it has a distinct double top formation coming from an uptrend. Add to that, prices are trading below the moving averages. So if we want to talk about a weak stock then this has got to be one of them. Order #2 for the day was executed probably near the end of the trading day as my shorting price was where the low and close was made. Downside target for RYAAY is around $31.72. As to when it will hit its target remains to be seen. Will this be a soft landing or a crash landing...?