No idea what GNET will do, Bob D., but...
Why on earth short Internet stocks, especially thin-float ones? Isn't the penalty for being wrong on timing--even if you're right on direction--too great? In your case, you could give up far more on GNET than you took in with LCOS and YHOO combined. So how do you "win?"
I can certainly understand trading the 'Nettes for a few points, although I'm buy-and-hold. If I were a shorter, I'd screen for "broken" companies, not "overvalued" ones. Or, for "action," why not trade options?
Just curious.
BAM
P. S. Hard for me to believe you would short GNET knowing the earnings release was imminent. Therefore, I assume you weren't quite on top of the hot buttons. If I were in your position, I'd look to go long 2X at the open and try to cover the short on a retracement after say, 10:15 am. If you get good executions, you could end up with a net plus for the day. And Bob, please don't quit your day job...
BAM |
