Shorting stocks in this market feels like an impossible task.
I have a few short positions right now, but tons of longs to offset them. Even so, my short positions today are doing enough to really be a real irritation to me today. In fact right now, in the middle of this post, I closed one of them out for a 3% loss. Not horrible, but nonetheless an irritant. I also closed out Shake Shack (SHAK) after continuing to struggle with a break of the 200-day moving average. I barely made a profit on it, but in the process, I’ve also booked +11% of profits on one-third of my position in Virgin Galactic (SPCE). I also added two new longs to the portfolio too.
So below I have all the short setups I am following. The one that intrigues me the most, at this very moment, is probably Starbucks (SBUX), but with market action today, I’m not seeing a clear cut reason to get short on it at this moment.
Here’s the bearish watch-list for this week: