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February 20, 2009

Sprint Nextel

Sprint Nextel, cell communications company and major contributor to total revenue in the history of my company, has the honor of being the focus of a rare mid-day post. The reason for the nod is simply that Sprint's chart caught my eye last night with a compelling enough bullish setup to make me open a long position in its shares today.

sprint nextel stock chart

The breakout occurred in conjunction with the presumably bad news that the company lost an unusually heavy number of customers. Strength on bad news is just another bullish sign, and I will hold this position as a hedge against my existing efforts on the short side.


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