The major indices are all trading lower at midday following another active and volatile morning session on Wall Street, with all eyes on the tech sector and the Nasdaq. The tech benchmark dropped by over 1% in the first hour of trading, with the continued pressure on chipmakers and the rebound in Treasury yields hurting tech-related stocks across the board. Small-caps have also been showing relative weakness this morning, for the first time in weeks, which could mean that another pullback could follow, after three bullish weeks?
Our "Sell Short" recommendation worked out perfectly for us and we are sitting at a 80% profit in just 3 days. We are more than happy with the outcome and are ready to close the position today.
We recommend closing the entire position.
You may even consider doing a partial cover, but would need to monitor and manage the risk yourself.
If you did not short this stock, no action is required at this time.
"Buy To Cover" Pick No: 269
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