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REPORTS FROM THE TRENCHES
Hubert Senters here.
I actually got a couple questions from viewers. Question from Tony can you break down MMM to see if it’s a good time to go long or continue to wait on the sidelines? Thanks. All right. Tony for you. I will continue to wait until you broke above the cloud. You could look at the smaller timeframes like the 10 minute but the 60 still sell. Let me look at the 10 real quick.
No. The 10 still a sell and so is the 60 something minimum if you’re going to hold it for a little time I would minimum I’d want is a 60 minute buy signal and you don’t have that going on right now. And then secondary, I would rather it be above the clouds so for me on MMM if you like hey, long, short or flat, I’ll just leave it alone for a bit. Wait for it to climb back above like $200 before you start messing with it.
Then have a question here from Rich, PCG which is the one we recommend shorting a fire out of after it got real nasty and ugly. PCG if I can type correctly. So once it got ugly I was just pointing out its nasty little chart pattern it’s fairly short here and then yesterday like you need to cover half or three quarters of your position. And now you should definitely be out.
If you didn’t take my advice yesterday and cover half or three quarters of your position if you’re short anywhere near $20 do it now. Just because they say they’re filing for bankruptcy. Sometimes companies will just gobble them up and then these things will get back up against you so be careful.
But the question from Rich is I understand that PCG which was PG&E Corporation is seeking bankruptcy re-structuring protection due to California fires. My question is does that mean the company will be taken over by another company? It could. You just don’t know.
Now we get lawyers involved. Doubts won’t get complicated. The transmission lines are critical for people sorry, I don’t know what it means. I’m not a lawyer and I don’t. I’ve never dealt with bankruptcy stuff before. Thank God. So I’m not really sure what happens in this situation.
There’s a lot of different things that can still happen. But if you’re short from $20 and now it’s trading close to $5 it’s time to cover. Do not look a gift horse in the mouth. They have an old saying too like you can take. You can lead a horse to a water.
You can’t make it drink. I guess you’d try to drown it if you wanted to but you cannot make it drink so be careful in that situation as far as what’s going to happen to PCG moving forward. Couldn’t tell you. I don’t have any experience with that stuff. It could be lots of different options so pay attention.
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Good luck. Hope it helps. And I’ll see you on next video.