As we pointed out yesterday, both of these stocks were in logical positions from which to bounce hence were covered. BIDU undercut the 195.12 low of October 4th, the low point of the flag formation it formed in the first half of October, and RIMM has undercut and bounced off of its 200-day moving average. For now we would let these rally, looking for inflection points to re-enter on the short side, with BIDU coming into play at the 104-105 area and RIMM at the 60 price level. Alternatively on RIMM a high-volume burst down through the 200-dma would be another re-entry signal on the short side.
SSS - RIMM and BIDU follow-up on Short-Sale Set-Ups
|Published:||21 Dec 2010 15:16 ET|
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