I’ve read enough bad-mouthing about FireEye on Slope to take an interest in it, so two days ago, I shorted a meaningful amount. I knew earnings were coming up, and I was a little chagrined to see the stock pop up over 2% after hours Tuesday evening. Well, my concerns were unnecessary, as the chart reveals.. We are now in a market where piece o’crap stocks are actually allowed to keep plunging. (UPDATE: I wrote this post twenty-four hours ago, so it’s even less germane now, but all the same, I like the way this stock looks on the short side).
Well, now that the market is beginning to fall to pieces, I’m in freakin’ Eastern Europe. Oh, well – - I’ve got fast Internet, an ungodly luxurious suite, and three laptops, so it’s not all pain and suffering. I’d just like to be even more into it than I am.
On the one hand, the market is very – - and I hate this word – oversold. One look at the ES shows you that we’ve rammed against a meaningful support line, and we could easily bounce to about 1942.50……… (more…)
My Slope+ folks (again – I think it was them – - my brain is tapioca) saw GNW as a suggested short last weekend, and it paid off yesterday – - but then again today. This chart is a little out of date, because now, it has even sliced through the Fibonacci fan level shown! I originally was showing this to illustrate how it had nailed the fan line, but the market is so weak, even that isn’t holding it up.
Good God, this trading business is for the birds. There’s no such thing as a real vacation. Particularly when I’ve got a blog that I feel compelled to contribute to (although I’m insanely grateful to iggy and contributors for keeping things going).
Anyway, there are a ton of success stories lately with ideas offered here, but one I’ll toss out is Ocwen Financial, which I’ve been harping on endlessly both here and on Tastytrade. My options are zooming higher today. I’ve closed 25% of the position but am cheerfully holding on to the rest for potentially bigger profits.