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 well......at least this time.
No comments:
Post a Comment