Moody's... not so much of a hedge

Got to swallow this one. I indicated, in a previous 'Market Thought' post, I was playing MCO as a market hedge. Needless to say, it has not been working out... as a hedge or as a general trade.

MCO is still in its overall down trend, but areas to which I thought would not break upward with its overbought conditions, breached. (The box highlighted on the chart)

Basically, as a function of a market hedge it has failed me, and cost me.

I do not know if it has enough juice to break the negative trend, but with relatively favorable news regarding the credit rating agency bill Congress is voting on, it could move up.