I've been active today primarily covering a couple of my short positions. The first was in Invensense (INVN) at $10.79 for a 4.6% gain. The other one (unfortunately) was in Lululemon at $68 when I was uncomfortable with the coiling price action occurring during the President's speech he was giving to the press.
There was a false breakout to the upside for only a moment, but it was just enough of a fake that I covered my short position from $70, knowing how fast that stock was capable of moving against me. I still made 2.9% on it though.
Then in an earlier post I shorted Clean Energy Fuels (CLNE) at $12.88, while selling my long hedge in MLNX at $83.51 for a -3.4% loss. Overall though, it has been a great day of trading for me and wouldn't be surprised to see this market still drop further in the days ahead.
Long; Dicks Sporting Goods (DKS)
Short: Telephone & Data Sys (TDS)
Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida with a wife of seven years as well as one lively son. More >>
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