Started shorting at 40.25 and I will use it as a hedge for my other long position. I see it at 35 or lower in a month.
you picked a bad time to short ... monday would have been better. the market is getting ready to rally into the close as no trader wants to be caught with his pants down on monday morning when the dow opens up 150. everyone seems to be covering their short positions (from those i've spoken with since lunch). financials in particular ... http://www.profitquotes.com/commodi...ed&ticker=leh,+mer,+gs,+ms,+bsc,+c,+acas,+xlf
You may be right but I am not into timing into this stock. I have a good sense in finding stocks to short but I cover them fast. Last example was AMZN. I shorted at 87.17 and I posted a thread about that. It went up to 89 and then in down trend I covered at 87 because that 89 scared me. Just 3 days later it is at 79 !!. I will stick to WB like a glue this time. My other example is CC. I shorted at 13 and covered at 9. Now it is below 7 in less than a month.
there's not much blood left in the water in the financial sector, i think. like hajim, people are covering their shorts and stemming some of the loss.
I think my "sticking like a glue" is working. I will ride it down to $35. It should happen in a month.
probably bc the market didn't tank JUST bc of wachovia's comment. the media is always trying to pin the markets direction on one or two things, (its all bs) and not that simple
I think tomorrow WB will close at $40 because of option expiry date. Monday it will start to drop again. I won't worry if it goes up a day or two. It is doomed to go down.
Covered my short position yesterday and went long today. It seems obvious that it will hit $41 next week. Safe bet.I believe.
Good idea, with the increased insider buy back, and the fact that its being recommended as one of best investments at multiple different newsletters.