In an identical setup to the short I put on yesterday with Celanese (CE) I am shorting Discover Financial Services (DFS) just under the 200 day moving average of $13.98. The logic is literally identical to the CE short so I won't rehash it, you can read the reasoning if it is not obvious here. I've put a 1.85% allocation on around $13.85, and will stop out at $14.25ish which would limit losses at 2.5%.
Despite yesterday's melt up all the shorts I put on Monday still look quite good. If we continue to melt up, of course that will change since 'student body left' trading leaves almost no one behind.
Short Discover Financial Services, Celanese in fund; no personal position
Wednesday, June 16, 2010
Bookkeeping: Short Discover Financial Services (DFS)
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