Trading results for September 11, 2012
Busy day today. Chat room called out many good stocks and I watched Ford ( F) Amazon ( AMZN), and Apple ( AAPL) for much of the day. I was happy to see the market making some moves after about a week of near silence.
After Amazon demonstrated weakness I shorted it, not once, but twice. These were my standard fading shorts as it moved higher intra-down trend. Just like clock work I was able to punch the clock and kick out gains. I used Amazon put options to gain the short position and used ITM puts to maintain a high Delta.
Mark Zuckerberg spoke today about Facebook ( FB) in afterhours. His speech was good enough to send shares of beaten down and bruised Facebook back above $20 a share in after hours trading. With as large of short interest Facebook has, it's questionable how much was the CNBC impact and how much was short covering. My guess is that short covering didn't amount to much if any as Facebook has more to fall if valuations matter.
I am happy to see Ford back above $10 and holding. What a great buy under $10 and still a good buy here. Watch for Ford to move steadily in the next few months to over $12 a share. Especially after the questions of the election are put behind us.