Monday, October 12, 2009
Short Side Vigor
Overall volume was light today (Columbus Day) as the S&P tested recent highs. Per recent comments, I have been favoring the short side at these levels. Yesterday I tried a short in NTES and ended up scratching. Today, my short side trades showed a bit more vigor. NTES responded much better than I expected. BIDU had a nice matching congestion pattern (looks like small H&S, but not at top of recent price action) that was good for a quick downside pop. Note that the first hour or so in NTES was also a matching congestion with yesterday's action.

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5 comments:
Lovely trades Jim. Congrats!
Sweet!
I would have never thought to short Bidu at an upward trendline break, with support just below it. I guess that's the pros from us amatuers...
Thanks guys. My best day in awhile.
Salsaman,
I'm no pro, not even close. BIDU appeared extended on the daily - up ~last 5 days. Also, a downgrade this morning.
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