Up $4 yesterday, and $2 more today.Incredible! It is going up in leaps and bounds. Massive short squeeze in the battle of the titans. Hedge fund against hedge fund. Billionaire against billionaire. If I was a billionaire, I would be on the beach of my own private island, not messing around trying to make more money. Don't know what drives these guys. They just can't ever get enough.
Yes, BBY has turned out to be a bad call so far. It dropped to $14.20 this morning. I would have covered then. However, in your favor is:volume today was 11 million shares, a big drop from yesterday's 19 million and Friday's 45 million. As volume drops, price should drop with it. It sometimes takes a week or two for a position like that to unwind. If it's tying up funds that you need for trading, I would dump the position on the next down day. This morning's weakness would have been the time to cover, but market reversal kind of messed up everything today. I still think it has a long way to fall, but that's irrelevant if your funds are tied up & you don't have time to wait. Remember, this started run up on Friday, so it's only been two trading days since then. Yesterday's low was $13.92, so that would have been an opportunity to cover too. I covered yesterday for a loss, as I needed those funds for other things, and was expecting a gap down. When I didn't get the gap, I covered. Yesterday, it was up 27 cents, so at least that trend has been broken on an up day today. If it moves up tomorrow on declining volume, I would cover immediately. The other alternative is to cover half your position, and wait on the other half. How many shares are you short?