Short BEN?

Franklin Resources Inc (BEN) has made a great run to $120 this year before giving most of the gain last month.  Since then, it has made a decent recovery and now sits slightly above $98.  What is the next direction for BEN?

Considering that there is a major resistance level at $100, I would predict that BEN is headed lower below $90.  Having said this, I would consider the current stock market direction.

For example, S&P 500 is currently near its 50% retracement level (1,121).  If this level gets broken, then BEN should continue to rally well above $100.  To mitigate this potential risk upward, it would be wise to SHORT BEN near $100 with STOP order slightly above it, not going higher than $103.  I will revisit BEN later to see where it will be trading in couple of weeks later.

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