I like the daily bar we had yesterday. Volume picked up substantially. We are climbing back up that bar with what looks to be an "inside day". I will use this strength to test the short waters with 1 unit short here at $35.40 with a stop at $37.51
I will happily take the opposite side of the trade of a restaurant stock in a credit and employment bear market. My guess is eating out suffers but that does not mean the short bus riding equity boyz cannot jam this stock up another $20 pts before crushing it.
Like I have said numerous times before and I repeat once again, you want an uptick rule before you can short? Then provide me a cogent explanation why we don't have an CORRESPONDINGLY EQUAL rule needed a down tick rule to go long.
I anxiously await the cogent arguments the bulls certainly are waiting to spring on me.
I am also getting long 1 unit of the Ultrashort Real Estate ticker SRS here at $44.05 if for no other reason than I will not forgive myself for missing this one when the commercial real estate shoe(s) or rather oversize clog falls. Also it my subliminally be a trade I want to do just to spite the slight of handers out there who blame the short ETF's, among many other reasons, for all the markets woes. Mirror avoidance wouldn't you agree?
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 of Ultrashort Real Estate ticker SRS @ $44.15 stop @ $41.88
Short 1 unit Darden ticker DRI @ $35.30 stop @ $37.51