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One of the stranger trading moments last week was when O’Reilly Auto Parts announced their earnings after hours. I was short the stock (I have written about it many times), and the stock plunged from the lower 200s down to the upper 180s. “Yow-Hoo!” thought I. The stock kept getting battered lower, and when it opened the next morning, it was down hard.
I tightened up my stop quite a bit, but never thought it would get hit. When I came back to my screen a little later, my stop had been taking out, and the stock had gone from being down huge to being up huge. I could hardly believe my eyes. Thanks to my stop, I got out with a nice profit, but it was much “nicer” before.
Even though the market was bug-eyed bullish on Friday, roaring to highs never before seen in the history of humanity, retail continues to crumble. Macy’s, already down about 70% from its peak, fell nearly 8% on Friday alone. The scary thing is that if the analog I’ve pointed out dozens of times actually comes through, it’s just going to keep spiraling toward, well, $0.