D, INTV is surfing the lower BB alright. I have no intention to not short it going forward. But that does not mean I shouldn't take my 2+ pt profit over 2 days and remove the risk of exposing to a strong market on Monday. After last week's massacre, I think the European markets will bounce back big on Monday provided Asia, especially Japan, does not lose 2% or more. Therefore, I think I will have another opportunity to short INTV on Monday or even Tuesday at higher prices. INTV may fill the gap to 23. Near term short support is 20 1/2, a stronger support at around 17. In these crazy market with a downward bias, my motto is to take whatever the market gives me but play on the short side and pocket any good gain like 10% in stocks and 50% in option if these gains are made in 1 or 2 days. I have used this strategy and was able to short/put at least 3 times over the past month the followings: KRB, AFS, MRK, FGII, INHL. XMIT is my only exception. This one I short and hold.
Anyone knows when Brazil will expect to know if they are going to get the IMF funding? The election went as expected and Cardoso won landslide. |
