Thursday, September 9, 2010

UPDATE Trade: Short CVD Equity...winner

Exited this position fully today just based on time in trade, and the need to free up capital for other opportunities, this thing hasn't moved much up or down but the 4hr has started to perk up on the 13 that's good enough for me. Covered the 100 shares I had left for $39.

So let's see that's a total profit of $450...not a bad trade for a 1 month holding...still too long for such a "small" profit.

4hr chart:

Trade trigger fired this morning with the rapid drop in CVD. This is now a free trade! Covered 100 shares for $39.68 this morning. Current Cost Basis is now $40.63. It is nice to not worry about loosing money anymore and to also have more buying power free.

Went short 200 shares of CVD in the taxable account. Got filled at $41.59 per share. Stop is $43.41.

This has a massive move down already but it is officially an outside the band retest as of today.

I needed some short exposure and there isn't very much these days that isn't beat up to a pulp. CVD has terrible ratings and is in a terrible group. So I figure despite the move down, there may be further to fall for this puppy.

As always, I hope I am right. But I expect to be wrong.




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