Bookkeeping: Short Gmarket (GMKT)

A limit order to short Gmarket (GMKT) hit this morning @ $14.80 - this will be a 3.1% stake. I was sorting through my watch lists last week looking for stocks that would make good shorts if they hit a certain level and this was one of them. It is actually a name I've been long many times in my personal account and even in the early days of this website. [Nov 8, 2007: Earnings Today - Gmarket]

These guys are basically Amazon.com/Ebay of South Korea. Except South Korea broadband/internet penetration far exceeds the U.S. so it's a more mature company. (lower growth rates) The market seems pleased with their latest earnings report Friday morning and hence the move the past 2 session.

Gmarket, Inc. operates a retail e-commerce marketplace in Korea. Its e-commerce marketplace offers buyers a selection of products, and sellers various sales solutions. The products listed for sale on its Web site include apparel and fashion accessories, computers and electronics, furniture and products for the home, food and child care products, and travel and leisure services.

This is a technical short - nothing else; I will target $13.25 to cover (+10.5%) and will be stopped out at $15.35 (-3.5%) Obviously a greedy trade would shoot for $12.00 but in this market when a CNBC announcement can destroy you on the short side (free markets!) I'm just putting in trades and happy with quick and meaningful gains if I can find them.

As an aside the chart below shows $15.50 as resistance but my normal charting says $15.00 so I'm going with $15.00 (hence why my limit order was $14.80)

Short Gmarket in fund and personal account