The Mark Of Zorro: Shorting Zillow
Tim Knight | Sep 13, 2013 12:23AM ET
I’ve been trying to shake off my “why did I buy gold” blues all morning long. I’m in the green right now, thanks to my 80 shorts, but my two stupid longs (GDX and GLD) created losses that substantially diminished what would have otherwise been a terrific morning thus far. Why on earth did Mr. Permabear actually BUY something? It’s infuriating.
I noticed in comments this morning that someone suggesting shorting Pandora (P). For no particular reason, I took a glance at another social-media single-character symbol, Z, which is Zillow (Z). And, for no particular reason, I decided to make that my 81st short. (Truth to tell, there are a couple of squishy reasons – I think real estate is on the descent, and I think social media stocks are wildly overvalued, but there was no chart-based reason). Even though this is a very new trade, it’s already in the green. I shorted it at $100.20 with a stop at $101.51, and the trade is showing a nearly 3% profit thus far. I’m cheerfully hold it until it reaches the trendline.
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