June 7, 2010

Dump Covanta Stock - New Alert.


Months ago the galwaytent blog indicated it might be a good idea to dump Covanta stock. The price then was above $19 per share. On June 4, 2010, Covanta (CVA) closed at $14.75. Very dodgy territory.   SmartTrend recommends shorting Covanta after the June 4 close below the alert level of $15.17.  Florida Tony has been hauled out back at Bada Bing to the dumpster, to cement relationships with Italian-American investors.

DCC-Covanta's proposed Poolbeg Incinerator does not have a Foreshore Licence.  After destruction of the freshwater habitat contiguous with Special Areas of Conservation ("SPA", "SAC"), work at the site seems to have been abandoned.   Dumping huge volumes of heated water into the Liffey river will kill young Salmon smolts returning to the Atlantic.  Like human-health science, this is another area not understood by scientists.  Watch out for untruths from Dublin City Council, from Rotten Philistine Systems, from Mr Pyjamas and from Bambi Ornot. 





Jun 04, 2010 (SmarTrend(R) Market Surveillance via COMTEX) -- 
Today, shares of Covanta (NYSE:CVA) have crossed bearishly below their 10-day moving average of $15.17 on volume of 658 thousand shares.
This may provide swing traders with an opportunity for a short position as such a crossover often suggests lower prices in the near term. Watch for a close below this moving average level for confirmation.

SmarTrend issued a Downtrend Alert for Covanta on January 28, 2010 at $17.99. In approximately 4 months, Covanta has returned -16.1% as of today's recent price of $15.10.

We will continue to monitor CVA's share price relative to this moving average.

Write to Chip Brian at cbrian@tradethetrend.com


No comments: