Shares of Sprint Corp (NYSE:S) surged higher out o

Shares of Sprint Corp (NYSE:S) surged higher out of the gate this morning on the back of earnings. Earnings were not great, as the company missed on revenue and EPS but the positive was, Sprint added the highest number of customer phones in four years. The stock jumped to multi-year highs, reaching $9.65. However, by lunch the rally was over. Sprint Corp began to sink lower, and is now hovering just slightly higher on the day. When a stock surges early, hitting new 52 week highs or mult-year highs, but than cannot hold the gains, it is usually a signal of institutions selling the name. The term is distribution. The daily chart has what may turn out to be a topping tail, a very bearish candlestick. Investors should be aware of this price action. I currently am holding Sprint short in my Verified Investing portfolio. I believe there is significant downside off this reversal today.




Investors sell short Sprint Corp shares on bearish reversal