Update on Research In Motion (RIMM) Short

On Monday I wrote about a head and shoulders setup in RIMM with a profit  target near  $51.  See here: http://steadytrader.wpengine.com/research-in-motion-rimm-head-shoulders-playing-out/

Today RIMM is rallying to the tune of 2.50% as of this writing, and as such is putting a feelski on the 200 day moving average (red line) from below (no pun intended).  I am still in the trade but if today's rally ends up being anything more bullish than a re-test of the 200 dma I will jump ship with a clear stop at $57.

Chart from Monday's blog post:

Chart from today…RIMM re-testing the 200 dma from below:

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