I am shocked to see that, despite some rough starts, our shorts that we have taken (PBCT, ALXN, BLL) are working out. Even SRCL had an overall weak day. OTEX pulled up on us and that means we need to get rid of some since it did not move lower immediately. However, it still has not hit the final cover so before getting too spooked by it make sure that you notice it is still below the 50 day moving average. Our only short tonight had a very ugly intraday session almost opening and hitting the HOD at once and then closing just a penny off the LOD. It was ugly. With it being near the old highs and moving averages and with a long way to fall this stock looks ripe to move lower in a market moving higher. This now joins my current short already up 18% (36% on margin) DV. Remember, this trend is up on the intermediate term and that means we need to keep our shorts smaller right now. Longs are in vogue right now. Anyways, this is a risky short, unless you get a great limit fill and that is what I am trying to do. Don’t think 15.40 is where I am going to go short. If it gaps lower, it will be moving without me.
new short position: COCO
COCO is putting in one ugly intraday session, opening at the 50 day moving average reversing lower to close a penny off the LOD below the 200 day moving average, on very strong volume and BOP going red. Cut your final loss with a close above the 50 day moving average, if the stock does not move lower immediately.
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