Shared by
derekrucki
GBX was creating a nice base here after dumping pretty hard at the open. I shorted a small starter position at 16.24 infront of the 10day MA and was going to add on a break of the lod which was 16.09. I gave it some time but once the 10day MA started to converge and work its way under the price I got out because it began to look like a bounce here. There was also buyout talk at 22 a share a few days ago and that kind of made me nervous to be holding this thing all day with the potential for more buyout talk right around the corner. Small profit
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2012-12-21 10:39:58 | GBX | sell | $16.240 | short |
| 2012-12-21 11:06:02 | GBX | buy | $16.180 | 0 |
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Nice try. I hit it too and lost on the squeeze later in the afternoon. Blew right through my stop :(
The reason it was down so much today is they rejected Icahn's offer again, but you're right, any play like this is risky to be holding when news can spike it hard at any moment. Good job makin a few buicks on it!