Why did you short it?? I mean besides thinking you were going to make money?? Why did you not wait for a rally? Just curious. John
So dstod and oddiduro are my counterparts. Lets see what happens and who makes money. Yes, maybe I'm the fool, also could be that we both make money- timing is everything. Anyway, I'll post the trade, hopefully this won't be a fiasco for me. Good luck to all.
I went long 17.80. Sold for .4 same day. Its not clear which way this is going for a swing, but it is in a minor bounce mode. Stock painted a green bar after a huge gap down. Had it closed at the LOD I think a short would have greater odds at this point. The time to short after a huge gap down (and when the stock is already well off its all time highs) is after the bounce exhausts itself and the downtrend re-asserts itself, if that happens.15% of the float was short, 8.4m shares, which could provide plenty of support through covering. I imagine that many shorts covered by taking the shares off the hands of disgusted longs yesterday.
I wouldn't call you a fool. I would say that the reaction to earning may well be overdone, and it would be technically stronger to buy the bounce. Of course, AFFX could fall at least 2 more points, especially if the market decides to sell the entry into bagdad. I am currently short GS right now.
Somewhat risky trade, as long at 17.80 would have had to be taken withing the first 50 trades of the open, and just .15 below the opening print. nitro
Yes dgabriel, LOD would be more promising, right. But take a look at mcd, think you understand what I will point out.
Risky after an opening 4 standard deviations below? Heilbrenner, I am not exactly sure what point of yours that chart illustrates, can you annotate it?