There is a bit of humor in the fact that NTAP was acting very weak earlier this morning and then suddenly sprang to the upside following our SSS report when they allegedly raised guidance at their analysts' day presentation. While the raised guidance doesn't look all that impressive, the bottom line is that any short position was quickly stopped out at the 65-day exponential or 50-day moving averages, depending on which one was being used as a stop. Our preference was to use the 50-day at 51.84 today getting us out about 2% above our original entry. Just stick to stops on any short positions, and wait to see how the general market pans out. If you are stopped out you are stopped out, end of story.
SSS - Thoughts on NTAP
|Published:||30 Jun 2011 16:46 ET|
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