Abercrombie and Facebook Squeezed Higher
I should just go pound sand today. Both Abercrombie & Fitch (ANF) and Facebook (FB) are being squeezed like a chubby baby's cheeks in the early morning action. In all fairness, the Abercrombie number was good, as was the conference call, so I think some of the buyers here are optimistic, rather than just shorts getting squeezed.
Abercrombie actually looks pretty good if it pulls back to the $38-$39 area and bounces. Above $42, Abercrombie should make a run to fill the gap into $45. It did make for a nice pre-market short when price was getting up over $41, since the previous gap will act as resistance, so I would take that into consideration when buying. The plan, if I buy in the $38-$39 area, would be to sell half into the $42 gap if the stock were to move higher....346 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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