UPS: Should Have Covered Short Yesterday…And Waited

May 14, 2008 12:12 AM

UPS gapped lower yesterday. Once it became obvious that it would close above the open, it would have been wise to cover that short, and waited to see if the low would hold today. It was never challenged. I think the over all market is holding the stock here, but can’t argue. Yesterday’s low of $69.60 is key and you cannot be short here until that clears. I would have said short may other stocks, like AAPL, but haven’t as I know we have to get under 1383 to pressure the market. Until that happens, you will get head faked. Even so, I said to short UPS at $74.00, that was an easy $4 plus in a week. That’s a higher percentage gain than about 95% of all money managers this year, most likely. In ONE trade, in ONE week. And I called the short number days before it even hit it…. And people claim Santa doesn’t exist…