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.

5 comments:

Day Tradr said...

Lovely trades Jim. Congrats!

Jamie said...

Sweet!

Salsaman said...

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...

Jim said...

Thanks guys. My best day in awhile.

Jim said...

Salsaman,

I'm no pro, not even close. BIDU appeared extended on the daily - up ~last 5 days. Also, a downgrade this morning.