Sorry Robyn, not intending to mislead with the title, I started my short position in PNRA on April 10th when it tried to hit $185 and failed. To me the market is tired, and PNRA is already quite overvalued. I don't think the market is paying attention to the reality that people are geting hurt by tax hikes in 2013, sequester, and gas prices still very high. PNRA is a luxury, not a necessity. I view it as fad-ish. I wasn't expecting a horrible Q but a cautious outlook for 2013...pretty much exactly what happened. They reduced outlook actually, which was only 4%-5% groth to begin with. CMG is a momo stock, PNRA has been also, but not enough volume to sustain it and allow graceful exit by big money. I think it trends back down.
I was afraid to short PNRA going into earnings even though I didn't take the recent raised target seriously. However, I had started a small put position on AMGN (110 puts) and will decide in the morning whether to take the small profit or wait since expiration is over three weeks away. I may take the profit Wedmesdau and re-evaluate the situation after that. The way PNRA moves multiple points at a time, I hope you are closing out your position in the morning (unless you already closed it) in case PNRA bounces later this week.
Great minds thinking alike. I did pick up the PNRA puts a couple days ago. Should sell tomorrow for a near double. I've got AMGN May puts, and will be getting out tomorrow at a slight profit probably, as thinking biotech, as overpriced as it is, still is going to move another 5-10% before collapsing 30-50%. Now if only LNKD would crash, life would be truly good.