Quit jumping around and take some profits off the table!!
Yes, my balls got squeezed today. Shorted in low 100s (500 whooping shares, lol) and watched in horror as it ran to 128 or so.
However, when it ran to 106, it hit an intraday low of 87 a day or 2 later before going back up. Not even AMZN has doubled it's stock price in two weeks and I doubt NTBK will stay there either. Reason? Very simple. If you buy a stock at 25 or 57 like 2 weeks ago, you'd be a moron to let all of it sit there at 128 (sell part and rebuy on the dips). What if 3-5 big national banks announce huge internet sites, etc. next month. How long would NTBK stay at 128? In fact, not long as it dropped about 8-10 points in last five minutes.
If the future follows historical patterns, NTBK will have a pullback from 120 (all stocks that go up 30 points in one day with no news do) to 100-110 somewhere and hang there before going up some more.
On the other hand, any bit of bad news, (earnings below estimates, growth slowdown, more competition, etc) and it can go down just as fast. Personally, I'll bail probably for small loss but still be up over 10K for a week's worth of shorting!!
Brentsky
Brentsky |
