Wednesday, May 5, 2010

Short SSRX

I shorted 400 shares of SSRX @ $11.60 with my stop loss at $12.00. My intention was to get in at $11.70 but after years of experience I now know it is better to get long/short immediately rather than quibble over a few cents slippage. Further, gaps in the direction of your intended entry is confirmation that you are likely on the right side at least in the short term.

I also wanted to enter CMFO short but discovered that margin is not offered on it. So I passed on this trade. Besides I believe I have sufficient short exposure and I am not yet willing to put more money at risk. In addition, I see a couple stocks are setting up in beautiful potential long patterns like MSPD, CRUS, LSCC and CELM. So I want some buying power available for a bit of long exposure in case the markets make a short term bounce.

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