Quite a concensus here, so it wouldn't surprise me if it had a sizable correction. If shorting an uptrend would really be as risky as advertized (and riskier than shorting at another point, deemed the "correct" entry point for a short), it would be a good strategy to go long in an uptrend, and that's not the case, as we know.
Lots of good things to say about this stock. & yes always a line when you go. Buy, like I said before. Just have to be patient. Could be weeks or months. But, this stock sooner or later will have a reverse in direction & momentum. Nothing floats this high (even if it goes higher) forever. Keep it on your watch list as there will be opportunity one day to play this on the downside in the options with exploding vols . Wall street loves her now but one day they'll be calling her a worthless & a whore. game never changes.
I went long CMG today at 434.16, with a Bull Put Spread. If it's at 420 or higher on 09/21/12 the bet will make 63%.
So much for my dream of becoming a Trade Timing Guru! Oh well... Looks like there's some support between 410-420. We'll see if it can hold next week.
Thanks for the advise guys, the trade did magically work out and today's expiration move actually made this a small winner!!
Now it looks like CMG is going to rest or to make some pullback. Situation is turning more negative now. If it breaks below 50day EMA then it could quickly drop to 200MA level (no support till 350) Richard