Apartment & Investment & Management Co (AIV)

The daily chart shows that it has broken down out of a symmetrical triangle. On Thursday, it backtested the top of the triangle (and the 20EMA) and failed. If we get a rally this week, let’s see if it fails to cross up over the lower line around $13.50-$14.00. Looks like a good short out of the gate at $12, since it took out the prior day’s low. If it either breaks quickly down below $12, or recovers to $13.50 and fails to re-enter that triangle, it’s a good short @ $13 (and buy some puts). Watch for it to take out Friday’s low $12.09, then the 52-week low of $10 is a first target. Based on the height of the triangle, mid-term target price is $4-5. I think it will not get much above $13 on the rebound and it’s $10 or lower by the end of the week.