Cancelled $COST short would have been a winner On
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Cancelled $COST short would have been a winner
On 12/5 I cancelled out of my Costco short trade thinking that we could have a bit of a short squeeze on our hands. I have been brutalized by short squeezes in the past so I made the call to cancel out on a close above 104.50.
http://investorshangout.com/post/232315/COST-...0I-was-loo
Unfortunately, that was the wrong call. The stock collapsed to the 50 DMA the next day and is currently chopping along possibly setting up a deeper move down. This would have been a 6.50 a share win for me.
If I am going to be wrong, I would rather be wrong big on a missed trade than wrong big on a trade that goes bad. If $COST gets a bounce I will look to short it and then ride it down to hopefully the 200 DMA.
[IMG]http://i.imgur.com/1YQoe.png[/IMG]
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