ACN

Normally I don't like to post old stuff but this was just to good to pass up.

I was going through my watchlist and found ACN, which would have been a killer short for last week.

Starting on the intraday chart: Big gap up, hits 45.90 and then tests 45.50 on 2 mornings, trades up and tests 45.50 again. Then each of the 2 highs after that are both lower.

The daily chart in the middle: Big run from 37 to 46 which includes the $1.50 gap on earnings and does a lot of volume way above previous levels.

Lastly the volume distribution chart to the right: Tons of volume done above 45. And with that huge gap very little volume below to support the price.

It went down $2 in 2 days and probably has more downside. A trader could cover half the position at the close on Friday and carry the other half because it's still over $2 from the 200 DMA and still above any major volume level. And there are a lot of people who are now trapped long above 45 and probably wanting out.