you actually have more balls than me. I have lost 1/2 my portfolio since I shorted this the day after last earnings. I am so shot at this point that whatever happens happens. Hopefully, the momo game will end soon and fundementals will matter again. Hopefully before I get wiped out and lose my house and family.
Interesting thread. A lot of shorts threw in the towel today(it sounds like)and covered. Also a lot of sympathy from some longs. That's unusual for this thread, as well. Where are the guyus who throw out the Bwaaaaaahs!!!! Morons!!!!! Idiots!!!!!? Might this move be taking a little of their breath away? Taking profits is never a bad thing if you got any. Today was very short squeesy-like.
I covered my March puts which I had sold and went short the April $500's. I originally had used them to hedge a short position in the stock, but I covered it at $496 and left the puts out there.
Now I am just short April $500s and some earlier shorted April $460s. I've made back my $22/sh loss on the shorted shares. I'm green. If BIDU stays above $500 by April OE I'm a happy boy. 6 weeks seems like an eternity away.
I'm always worried. I'm still prepared for that BIDU 10% give back. This is a very dangerous stock to own at this price. Even more dangerous to short. I think there may have been some capitulation today......maybe. Chart still looks like it's going higher, but it's blowing away from the 50 dma...dangerously far away. GLA. We'll see.
Hey J, sorry to hear about the losses. Perhaps a way to recover a little at a time is to sell the BIDU puts about 15% below the current pps. Then nearly every month you can recover some $ and rebuild your asset value. A normal return would be about 1.25 or so and if you can sell just 10 puts, that's $1250 a month recovered. Just a thought. Don't hold me to those #'s because they can change any time. And sometimes the options are two months apart. But good luck.