That "gap" from the news announcement has now been filled late last week and I covered a good portion of the short into that for a very small loss. But now instead of sitting below the 50 day moving average, the stock is above it, and our original thesis has changed. $47 remains the line in the sand to the upside but this name was being used as a general hedge and at this point there are better candidates.
I am going to close out the remaining short for a 6% loss on about 1.2% of the portfolio; as stated above the majority was covered for about a 2% loss late last week.
No position
