RIMM, MERQ same thing.. http://www.marketgems.com/RIMMdying.gif letting a trend reversal 'kill you' to make a point is like cutting off your nose to spite your face. http://www.marketgems.com/MERQ_support.gif MERQ was and is usually a good short.. but when there is the beginning of a turn back to the upside, you don't hold a short because you are 'convinced it is going to fail its earnings' WE WORK ON ANTICIPATION there is no certainty. The certainty was there in the move of MERQ and RIMM from astronomical highs and we got them both, but at this point we bow to a greater authority ---> the trend change.
it was fine as a short until it bottomed at 21 1/2 from there, obstinance aside, the short was over. It s of course possible to reshort tomorrow, but going against a STRONG BUY, is silly if it costs you money to make a point. Now the 'glow' of the upgrade can move off tomorrow, but if you remember, we said lots of this coming rally is a mixture of psychology and fundamentals and today's upgrade was enough to get folks back into RIMM.
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