Goldman Sachs downgraded
Intuitive Surgical (ISRG) this morning; the stock fell exactly to its 20 day moving average which is providing support. With bears cowered, short positions of any gain are apt to be taken quickly since the market threatens to go on a new run any second. Hence, to make up for a litany of -3, -4% stop losses I am going to take a measly 2.3% gain on half the position, and look to find a better entry point nearer to $305 to rejoin the short. If ISRG can fall through this $294 level there would be more downside, but this market is lifting all boats so you cannot count on it.
As an aside, this sort of cover is exactly why its tough to make money on the downside when the day comes... bears will be so exhausted, and so thrilled with tiny victories that by the time the real swoon happens they will mostly be back to cash after making their small wins.
Short Intuitive Surgical in fund; no personal position
