Swing short. INFI released bad earnings and was hammered down, then put out a piece a fluff news about phase I clinincal data that popped it back up. Iit has been up 8 days in a row now with no rest and has technical as well as psych resistance closeby.
I expect this pop in the market to fade so I took 100 short to start and will add if it pops up to the $24-25 area with a target in the mid-teens. Nice r/r on this one and good profit potential over the next 7-10 days. Will update again on first cover.
Update: got hit with an analyst upgrade and lost $363 on this one! unfortunately this is a risk of swinging. There was a high potential reward ($800-1200) but the losses are bigger. Also there is conflicting information now about whether they beat or missed on earnings in early November, so I think I am going to stay away from this stock for swings in the future. Added 100 at $24.88 then covered all at $25.48 when it continued up.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2012-11-19 09:53:07 | INFI | sell | $22.450 | short |
2012-11-21 10:09:36 | INFI | sell | $24.880 | short |
2012-11-21 10:52:25 | INFI | buy | $25.480 | 0 |
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