I got a pleasant surprise after the close yesterday, when I saw one of my short position charts begin to spasm unexpectedly. It hadn’t occurred to me that Arm Holdings (ARM) had an earnings report, and I’m sort of glad that I didn’t, because the initial reaction would have given me a heart attack, since ARM spiked higher for a few moments. In short order, it went into a free fall, in spite of its absolutely bargain-basement value of a 492 price/earnings ratio.

