CCI

[eliteG]

CCI(nyse) - Crown Castle International Corp.

Mkt Cap:              6.86B
Float:                178.37M

Profile:  Crown Castle International Corp. engages in the ownership, operation, and management of wireless communications sites in the United States and Australia. The company primarily leases antenna space to various carriers operating cellular, personal communications services, enhanced specialized mobile radio, 3G, wireless data services, paging, and other networks. It also provides certain network services to its customers, including initial antenna installation and subsequent augmentation; site acquisition, site development, and construction; network design; and site selection, site management, and other services. As of December 31, 2005, Crown Castle International owned, leased, or managed 12,459 towers, including 11,074 towers in the United States and Puerto Rico, and 1,385 towers in Australia. In addition, the company offers a hub-based, low visibility distributed antenna system. Crown Castle International was founded in 1994 and is based in Houston, Texas.

website: http://www.crowncastle.com/


Why is this stock on fire as a short?

CCI is a play I have been timing to short for quite some time.  The Wireless Towers industry group has finally shown some technical weakness after many years of a bullish trend.  (Stock Group List[/url])  The other stocks in the the group, AMT and GSL, are looking weak and may present good shorting opportunities as well.  A specific industry group tends to run together.

Adding to the short quality is a recent downgrade by Bear Stearns to Peer Perform.

Crown Castle downgraded by Bear Stearns
Briefing.com Thu, Jun 8
http://finance.yahoo.com/q/ud?s=CCI

[/b]

Technicals

Short-term  CCI seems to be reversing at a key resistance point.  This area provides both a horizontal resistance as well as a trendline resistance.  Our theoretical stop is in place above the recent swing high.  Some lines are drawn in to show possible support along the way but ultimately our goal would be at least the 200ma.. or the descending trendline.



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Long-term  CCI has broken a key trendline on the weekly chart.  We also can see evidence of a rounding top.




Trade Plan

We think CCI is susceptible to a downward move because of its technical pattern and weak looking industry group.  Even in a strong market CCI would make a compelling short.. hopefully the lackluster market will add to the pull-back.  Only around 3% of the float is shorted so we are not concerned about a short squeeze.  Lets make sure to find a nice place to short on Wednesday.

We will short CCI on Wednesday 6/21

[mexirafa]

Hi G,

Is this still a good short, it broke through the resistance and the bearish descending chanel. I thought it would stop around 32.50 are but just kept on going up. Trading above moving averages after a pullback, it seems as a bullish breakout. It is still below average volume though.  Have 3sof sold short yet??
thanks for your input,
rafael

========================
Hey Frederick, Mexico lost against Portugal. 2.1 .
We still qualified for the next round.Good luck.

[Ramsburg]

========================
Hey Frederick, Mexico lost against Portugal. 2.1 .
We still qualified for the next round.Good luck.

Hi Merixafa

It was a cool game, and I was scared because Mexico was the strongest team we were playing on this group...  but you guys did only one thing wrong: missing that penalty shot 
But I'm glad you did 

So far so good for Portugal, 9 points, 3 victories

Good Luck on the next stage !

[eliteG]

Hi G,

Is this still a good short, it broke through the resistance and the bearish descending chanel. I thought it would stop around 32.50 are but just kept on going up. Trading above moving averages after a pullback, it seems as a bullish breakout. It is still below average volume though.  Have 3sof sold short yet??
thanks for your input,
rafael

Hey Rafael.. perhaps I drew my original line to aggressive.. check out the chart below.

update CCI:

Market had a strong day and so did CCI.. that would have been nice if we were long.  Still we believe CCI may prove to be a good short.  Lets place a stop 7% away in case we are incorrect.

------
Position: sold short CCI @ 32.20 on 06/21/2006
Order: Hold
Exit: buy stop @ 34.45
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[Loffigus]

For a weak stock, it is sure showing strength in a down market...   
Come-on let's see the weakness!

[nullzero]

shorted today at 33.33 looking good on this one.

[Loffigus]

I really hope for a close below $33.00 today... and I really hope it stays below $33.46

[Maestro]

G, I am thinking of shorting CCI today. What does the latest TA say? Still a good candidate for a short?

[eliteG]

G, I am thinking of shorting CCI today. What does the latest TA say? Still a good candidate for a short?

Sorry I did not get back to you sooner Maestro  .. CCI still looks like a good short.. especially if you use our stop or tighter 

update CCI:

CCI may be turning over and trying to fall back into its descending pattern.  If this is the case, and I think it will be due to the light volume, it will have been a bull fakeout.  Lets see what the market decides. 

------
Position: sold short CCI @ 32.20 on 06/21/2006
Order: Hold
Exit: ]buy stop @ 34.45
------

[eliteG]

update CCI:

CCI will most likely hit our stop tomorrow.. and thats ok because it indicates the market is bullish again.    A manageable loss.. if our stop executes.. and a position is freed for a long pick.

------
Position: sold short CCI @ 32.20 on 06/21/2006
Order: Hold
Exit: ]buy stop @ 34.45
------

[nullzero]

CCI nearing the stop, if market rallies hard again it probley will it the stop  , hopefully not.

[nullzero]

CCI heading lower, avoided the stop area so far .

[nullzero]

3stocks stop just hit  I have mine at 34.60 however lets see it it gets hit.