Thursday, September 23, 2010

Bookkeeping: Covering Best Buy (BBY) Short

I am keeping my leash tight on these shorts as the market continues on a heroin induced binge.  I liked the risk reward on a Best Buy (BBY) short yesterday, but today it appears to be starting a new leg up as it cleared what I thought would be some sort of resistance, the 200 day moving average.  All you can do is try to stack odds in your favor and go with probability but things are simply running almost non stop right now and its a freight train moment.

There are so many gaps in this chart I will return to it in the future once the market overdoses and is sent to the emergency room, but for now I am going to take a quick loss of 2%.

No position


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