re: I shorted NTAP awhile ago
I tried that a while ago (puts, actually), and found I didn't have the stomach for it. Maybe you are made of sterner stuff. With this kinky go-go stock, a whiff of a rumour of a shadow of good news is good for a quick double. Yes, it'll all be given back when reality intrudes on the fairy tale CNBC tells us (every day all day), but I don't have the cajones to hold puts through 20%+ daily upmoves. If NTAP approaches the May tops (high 20s), I'll think about puts again.
But, I've had more range-trading success (long and short) with more sedate stocks, who stay politely in well-defined ranges, like TXN (short at 38, cover at 30). QCOM hasn't been able to sustain any move over 65, since the February freefall, and their customers don't have two nickles (even borrowed ones) to rub together.
What's your target for covering the NTAP short? Any stop-loss? |
