Trade Alert: $COST SHORT SELL at 104 Costco had a
Post# of 474
Posted On: 11/29/2012 1:27:05 PM
Trade Alert: $COST SHORT SELL at 104
Costco had a magnificent gap up yesterday which probably was a result of a short squeeze as the stock has been downtrending for the past few months. I also think someone got an inside peak at the 8K that was announced this morning for the dividend.
In any event, 104 is a good spot for a short as it is a retrace of the intraday high from September. It also comes with a tight stop out level which would be ANY close above 104.40. Short selling is very tough but comes with a big reward.
Take a look at that volume spike yesterday at 10.41 million shares. This looks like a nice blow off top short squeeze so I really like the setup if it can trade into my price.
[IMG]http://i.imgur.com/XQyNy.png[/IMG]
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