Cemex (CX) breaks through key support levels
Stock: Cemex (CX)
Long or Short: Short
Chart: Cemex (CX) Daily
Reason for Trade: While the market may be trying to make up for lost gains today, the price action is clearly bearish in the market for now. Like we talked about last week, expect today to be just another dead cat bounce until proven otherwise.
Of all the shorts in the portfolio, I think CX has the most potential to pick up some major gains if the acceleration in this market to the downside picks up again. There are gaps to fill and not much support below to catch this stock from falling.