You are correct hap. I shorted more(same amount as at 57.10) at 59.20. When it came back to 58 I thought I was in good shape. There was considerable volume and it started back up. I covered both lots at 58.40 for a loss because of the exact reason you have given. Big money seemed to be buying and I had to admit that I was wrong. I still think that CRM is way overpriced. I lost $500. Call me crazy but I have shorted again at 60.75.
I do apologize as I was incorrect with my revenue figures. Shorted more at 59.20. Can not believe this has run up this much. One needs to follow what the big money does not what you think the market will do. I was wrong but I still believe that I will make money on this trade.
Has played out exactly as we said. Wall street, Fed and government all in bed together with the initials on their headboard, "TBTF".
It is called wall street. From a fundamental standpoint the stock is very over priced. Yet here we are again. A company that doesn't even have a P/E and only beats by a penny does not tank.
Did decide to buy some at 58.80 with a stop at 58.35. There are a few buyers who are probably shorts doing some covering here. Of course I do not know that for sure. This does seem a little overdone to the down side.
When I look at a yearly chart and draw a trend line from the May low and the June low to today we are close if that holds. For those that are long I hope that is the case and it moves back up. Am watching here myself. As you probably know it is an incredibly manipulated market so one really needs to follow what the big money is doing not what you think it should do. This company had great earnings the end of July and here we are. HPQ had average earnings compared to a year ago when the stock was 20 dollars. They wrote off billions from Autonomy but the big money was long and away it has gone today. When they decide to take DATA up and they will, It will move up again. GLTA
The time to start buying is when folks are buying. It is not happening yet. May happening before the end of the day or they may just continue to short. The first bit of buying will be shorts covering. This stock, like many momo plays, were far overpriced. It was the big money that took them there. They sold and went short back in February. They covered in May with huge gains and bought again. They only took it up to the low seventies and sold again. When the folks that took the stocks up quit buying to sell and short, there then are not enough buyers to move it up so we are witnessing again what happens. They control the market and dictate the direction. These folks do not make 100 million a day playing on a level playing field.
How these folks can be crooks as executives of the banks, be found guilty, be fined and there are no negative consequences. The tax payer pays the fine and the crooks are rewarded with bonus money.
Will mean that GTAT will not have those revenues as early as thought. Looking for a pullback so a lot of shorts still in this can get out. If long term investor do not get excited about this bump in the journey.
Reported a net loss of 72.9 million yuan far worse than the 18.6 million yuan expected. They even guided lower for the next quarter. Really this think should be tanking but some big brokerages must be in this heavy.
Adjusted earnings were $.14. Still a very big miss from consensus of $.21.
I sure got this wrong. I did think that they would beat. This is a serious miss. If big money really piled in here before earnings it may not go down too much as they may keep it up.
This was a miss of $.68 and the stock only dropped 4.56 to 15.05. I'll leave the rest up to you.