Swingin' Aint Easy!

     Well, in case you're wondering, I'm still short PALM and LULU (which at this second is a profitable position- just don't blink). LULU was a great short after it's first down day (yesterday). Too bad I didn't have the patience to wait for the price action- nooo, I had to try and 'pick the top' (last Wednesday) and enjoy watching one of my largest share positions of 2009 just keep going, and going...(away from me). Technically speaking, there were many reasons why I shorted LULU (and am still short). RSI was above 70, more than 100% run in one month, etc. If I had just waited to short until today, I would have had a nice in-and-out trade. More importantly, I would have my funds freed up for other positions- like my new found best friend CZZ (thanks Tim). Behold the unsuspecting beauty:

 

     CZZ is currently higher than this 3 month chart (around 4.70). The goal tomorrow morning is to cover my LULU short (gonna be tough to not hold longer- but I should be forced to only take a small profit because of how lame my entry was), then use the released funds to short CZZ, IF:

1. I can reserve shares (will try 400 and only short 200 at first)

2. It gaps up and surges over $5 before 10am

     That's it. Any variations of the above plan and I go back to bed (it is my one morning off all week- btw, why am I still up- it's 1am!)

Watching the Futures Tank,

Evan

ps- It has been brought to my attention that I use trading terms sometimes without explaining them. If you have any questions whatsoever, feel free to e-mail me or post a comment (just know that I don't claim to be a professional- but will help steer you in the right direction if I can).