Thursday, July 29, 2010

Bookkeeping: Covering Energizer (ENR) Short

If you recall Energizer (ENR) was an 'accidental' short as it was an outstanding short limit order placed quite a bit lower but triggered almost exactly at $60.00 on a gap up.  Since this is not the type of chart I like to short, I was thinking about covering it yesterday for a small gain but decided to wait to see how it acts in a more negative tape.

Well as they say... it keeps going... and going... and going.

Not much of a hedge as it is actually up in a -1% market.  I was hoping for at least a drop to the 200 day moving average... not so much.

So I will cover this for "flat" as the S&P 500 sits above multiple support lines in exponential moving average world in the 1093/1094 area.  If those break, than perhaps ENR will break down but obviously this stock has moved into favor after its earning report.

No position


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