Licking MMMy Wounds
Sometimes a technical picture just doesn't play out. It doesn't matter what the underlying indices are doing or what the economic numbers say, 3M (MMM) has just been getting stronger each day. The rising wedge formation is being invalidated on the daily chart. Bulls care little about any momentum divergences on this one. What all this means is I am wrong here. Not early, but wrong. The thesis I was trading from is now dead. This doesn't mean MMM won't ultimately head lower, but if it does it will be for some other reason than the one I traded on. For this very simple reason, it means I am wrong, so I will take my loss on the MMM puts and move on here.
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