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Bearish Play Updates Sunday, January 23rd, 2005

Emmis Corp - EMMS - close: 17.60 change: +0.10 stop: 17.85

The outlook for EMMS remains bearish. The breakdown under the $18 level and its bearish P&F chart with its $6.00 target are enough to inspire shorts to consider EMMS. Yet the stock has shown surprising strength this past week by not trading lower. Fortunately, we remain untriggered in this play as we wait for EMMS to breakdown under the $17.00 level and hit our entry point at $16.99. More aggressive players may want to watch for a failed rally under $18.00 as an alternative entry point instead.

Annotated Chart:


Picked on January xx at $xx.xx <-- see TRIGGER
Gain since picked:      + 0.00
Earnings Date         01/06/05 (confirmed)
Average Daily Volume:      478 thousand





 

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