Wednesday, March 11, 2009
Getting Short Amazon.com
A potential double top seems to be forming inside this powerful, well defined channel off the November lows on Amazon, ticker AMZN. I am using this strength to get short 1 unit of Amazon (chart above) here at $67.35 with a stop at $68.47.
Yesterday I was stopped out of my SRS position on the gap down. 1 unit at $91.00 for a gain of $37 pts and the 2nd unit at $75.40 for a gain of just over $21pts.
Today I was stopped out of 1 unit of my SDS position at $98.55 as it gapped down for a gain of about $28 1/2 pts on 1 unit.
Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".
Long 1 unit Ultrashort MSCI EAFE ticker EFU @ $89.80 stop at $123.28
Long 1 unit Ultrashort S&P500 ticker SDS @ $69.80 stop @ $93.42
Short 1 unit Apple ticker AAPL @ $102.05 stop at $100.11
Short 1 unit Apollo Group ticker APOL @ $82.95 stop @ $82.95
Short 1 unit Microsoft ticker MSFT @ $19.20 stop @ $19.20
Short 1 unit Amazon ticker AMZN @ $67.45 stop @ $68.47
Long 2 units Ultra DJ Crude ticker UCO @ $8.05 stop @ $6.78