Originally Posted by
morganplus8 I added to the short position when the stock failed to stay above its uptrend line during mid-afternoon trade. Two days ago the price had to close at aprox. $ 14.60/shr in order to continue that rally and it closed at $ 14.40/shr. I could see it breaking down on the 3-minute chart and added a very large block at $ 14.50/shr plus or minus two pennies. Yesterday it gapped down and then broke a decent support line right away leading me to maintain that short. Support is at $ 13.50. $ 13.25/shr and then its down towards that gap just above $ 12.00/shr. I can cover at any moment so I'll watch it for signs that it is finding support.
This whole thing about Chen reporting a "new product on Monday" is possibly over-blown as BB would be sued big time if they told you to wait for important news and then after the stock goes to $ 15.00/shr it isn't that exciting leaving those with instant losses ... to think he pumped the stock. So I don't think the news will have a short term effect on revenues or EPS so I'm likely to carry my short into that news. It's a gamble, most of investing involves risk and I'm prepared for what happens. Best of luck, I have said it many times that this trade is more about the disrespect that BB gets then my personal feelings about its value. I'll own a record amount of the stock soon enough. GL