I covered my short position, I'm still assuming it will reach 17.20 though. I will go long after the dust settles, ASIA markets really weak. Even US asian companies like NQ is getting burned today.
Just like I said last night, the stock will drop today and could reach its support level at 17.20. today is a good short term sell and a great short day.
Nuzzer what do you expect from a chinese company. The chinese are notorious for fraud, messing with books, not reporting etc. Any chinese company which jumps 70% in a week is going to be investigated by Short sellers such as muddy waters. I wouldn't be suprised he'll be over this.. he's going to be in china on 3/15
Kwik, your analysis is weak here. Friday the stock went up 4% on a much lower volume 7 mil compared to 14+ mil. If the stock starts to lose interest which seems to be the case, the company will have a pullback. My DD is saying most likely the company can go to 17.20 before people start reinvesting. Now I may be wrong, but I'll hold a short position for a few sessions.
I'm not trying to say DANG is a bad company, and I believe in the long run it can possibly go to 25. I'm saying tomorrow for day traders, a short position will bring them some money. I'm assuming it can go to the support level of 17.20 and then bounce back from there.
http:// finance . sina . com . cn / consume / puguangtai / 20140308/074018445759 . shtml
I'm sure the company will make it to 20, but in history there there is always a pull back before the next big run. After a 80% run in less than a week, I can guarantee it will go back into the 17's and then shoot back up with in 2 weeks.
About a month ago I pulled out at 7.20 as I couldn't hold on any longer. I'm not making the mistake with NQ!
you are one of the few people I dont feel bad when the lose money. Its one thing to short and keep your mouth shut after being long, but you just go both ways.....