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With the break in GOOG today and the lack of positive action in other quality growth stocks, it is clear this current market correction will probably continue barring a significant positive news item. Overall, leading stocks are not faring well either and the charts are uninspiring. We are waiting for a follow through day to signal a new potential uptrend, which could occur anytime. Until the market proves itself, it is best to keep your powder dry and wait for confirmation of a new uptrend. I have some short positions that are working; however, with the election and being in the 4th quarter, we’ll see if those yield any results.
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I am short PCLN at $612 and I am looking to hold into the 11/5 earnings. However, I obviously want to have a solid cushion when holding into earnings especially being short. Do you have a specific cushion for holding into earnings on shorts? Thanks so much for the posts
As always, thanks for your guidance. I've learned a lot from reading your articles over the years. The possibility of a nasty correction didn't really hit me until today. I bought GOOG at $680 in August and I took about 1/3 of the position off the table at $750 as the overrall market entered into a correction. GOOG wasn't breaking down at that time and I didn't see anything noticeable as a reason to sell. I sold the rest of my position in GOOG today at $693 as the stock experienced what Jessie Livermore would call "A significant event". As I'm unable to get any traction in any of my positions, I'm 100% cash now and waiting for a "Follow Through". Mr. Market can sure be humbling.
@sylviarocco: No I don’t have a specific number. It depends on the stock and the environment. However, right now I am thinking around 5%, just like I am on the long side.
Is Yahoo a case of an old dog beginning to bark?
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