Yesterday, we took initial profits on our short calls trade on VMWare (NYSE: VMW). Today, VMW is down another 1.4% as of this writing, and we are taking the rest of the profits, and thereby closing the trade. The profits accumulated quickly in this trade and we are happy to take the risk off the table and look elsewhere for new high probability setups.
The bearish candle on June 1 was our trigger for the short, but the thing to keep in mind is that the cloud computing space is still very hot and could move much higher. Just the other day Apple (NASDAQ: AAPL), announced its consumer cloud services. As such, we didn’t feel comfortable holding this short position for much longer than a few days.
No comments:
Post a Comment