Unwind it? I'm just getting started here. Shorted 2000 shares at 18.21 giving me 2400 short from 17.995. Covered 1200 at 17.87 for $144 profit. Holding 1200 short from $17.995. I see we have very different ideas about pain. I approach trading unemotionally. A $5000 drawdown would get my attention but it certainly wouldn't be painful. The $500 drawdown that my initial short ran up didn't even register as an annoyance.
"I think 567 would be the first to admit he may have jumped the gun". Why would I be saying that I may have jumped the gun? Enlighten me please.
Relax. You think NTRI keeps going up. I think it could go higher on short covering as there's a large short position but once the smoke clears a little it goes down. Our opinions differ. That's what makes a market. I had my NTRI long since April so it worked out to a little better than a double. I thought that was being quite patient and not cocky at all.
Simply because I think it's gone too high versus it's fundamentals. I think that it'll pull back sooner than later and I want some skin in the game from this price. The key word here is "started" a new short. I expect this position to get significantly larger. If this thing blows up significantly higher with short covering which it easily could, I'll look at adding to my position at opportune points based on price action and chart setups.
The market has spoken. NQ is worth half of what it was yesterday. There are an awful lot of people showing that they believe Caron Block over the analysts, etc.
Don't do that. I made $11000+ on NQ thru that little fiasco yesterday. I don't want to give it back.
Yes, this is an excellent move on their part, particularly if it comes across credibly rather than smoke and mirrors.
It is stock manipulation and it's supposed to be illegal. A large part of the market is an out and out free for all. The regulators are undermanned and outgunned. When they do put together a case they typically settle the case with a penalty for a fraction of what the manipulator, inside trader, etc made on the trade they're being being tried for which just encourages people to keep manipulating, inside trading, etc. However, this activity makes for a lot of opportunity for a nimble trader. You just have to detach yourself from thinking honestly and logically.
With a huge short position in the stock, it's not surprising to see buyers pouring in. The majority of those buyers would have been shorts covering for $10-$15 profit per share. To get a $7 jump to $19 at the open, NQ will have to be able to answer every question leaving no doubt as to their credibility. They'll have to execute this CC perfectly. If they can do that it'll initiate a short covering rally that could give the stock a real big bounce. If they slip up on the CC, this thing will blow thru $8.46 like it's not there.
Good trade. The bad news is in so the worst is over. NQ will come out refuting Muddy Water's story and the stock will work its way back up a couple bucks higher in the short term.