Wednesday, March 18, 2009

Bookkeeping: Short ITT Educational (ESI)

Posted by TraderMark at 9:33 AM TweetThis
This is our second go around with ITT Educational (ESI) on the short side, but last time we were shorting a very strong stock as it was overbought. [Jan 22, 2009: Bookkeeping: Short ITT Educational] This time, we are shorting a stock as it hits resistance. Allocating 2.5% of the fund at around $105 with target in mid $90s (at least) - as long as the stock trades below the 50 day moving average ($107s and dropping) I will keep this short on and trade around a core short position. Over $112 I will duck and cover (as I see the chart today)



I continue to think adult education stocks are a hyped up momentum driven sector whose prospects are overblown. [Feb 26, 2009: Adult Education Stocks Coming Back to Earth]

Edit 9:50 PM - I'm adding to Morgan Stanley (MS) short - target $21, I am buying back the Wynn Resorts (WYNN) short exposure I covered half of yesterday around $20, and also some of the REIT short exposure

Short ITT Educational in fund and personal account

Posted by TraderMark at 9:33 AM

| Edit This Post | Create A New Post

Labels:

Subscribe to: Post Comments (Atom)

Disclaimer: The opinions listed on this blog are for educational purpose only. You should do your own research before making any decisions.
This blog, its affiliates, partners or authors are not responsible or liable for any misstatements and/or losses you might sustain from the content provided.


Site by codeeo
Original WP Premium theme by WP Remix