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I did cover that short at a loss actually. Small but still a loss nonetheless. I'm not perfect. But I am now heavily short again, at levels from 166 to 172 pre split. I covered a tiny amount on that big down day a few days ago(to improve my average) but still remain largely short. I believe that today will be a failed attempt at a new high, and a bearish engulfing day. We will have to wait for the mkt to close to know for sure. If DELL closes at new highs, I will cover again, to try again later. One thing is for sure, though. I would not be caught dead long DELL stock at this point. Potential losses far outweigh potential gains, in my opinion, and expectations for earnings are really high. I think that the earnings report may well be the catalyst to cause the DELL momentum players to jump ship. Reminds of a stock I used to trade alot called American Power Conversion (APCC). For awhile there, they were putting up bigger and bigger earnings reports and could do no wrong. Stock ran from about 6 to 31 in a year. Then the next earnings report came out AS EXPECTED....great number, but 'as expected' and the stock tanked to 15 dollars........wowweeee! I was trading that like mad and nearly got killed the day oF earnings. Anyway, DELL, is setting itself up for a similair experience, in my opinion. For your info APCC has rebounded over time to 25, but still not to the previous highs above 31........best of luck.....;^) |
