Wednesday, May 4, 2011

Short Game - Covered CRM short position

Covered the CRM short position today at around $132, or about a 6% gain.
Still bearish on CRM and think it can fall hard, but I wanted to take the ulimited risk of being short off the table. I will be looking to put some of these profits into a put spread on the stock, that will continue to play this to the downside

PS: Not only did this trade make money but other cloud related companies like Intel and IBM were up during the same period. So the long/short, pairs strategy worked least this time.

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