RIMM has been a run away freight train

RIMM has been going up and up. It is hard to stop. The knee jerk reaction is to keep short but it is time to cut the bleeding with a $5000.00 loss and cover the short tomorrow . I will also cover GOOG tomorrow. Following are trades for tomorrow.

Cover RIMM at $134.00 with a stop at $138.00
Cover GOOG at tomorrows open.
Put a buy order in for 300 shares FCX at $55.00

BA 100 shares long @ $89.12=$8912.00.00
GT 1000 shares long @ $17.79=$18450.00
RIMM 500 shares short @ $137.41=$68705.00
GOOG 100 shares short @ $495.05=$49505.00
GOPXI 1 contract short GOOG 480 call @ $590.00

Total Long positions: $27362.00
Total short positions: $118800.00

Total received from shorts: $112,943.00
Net positions=$21505.00
Long cash position: $80,718.80
Gain to date $2223.80 (2.22%)

Rationalizations for trades:

RIMM: Sometimes it is pure stubbornness or maybe it is stupidity that keeps a person in trades. Don't short on valuation. I will cover tomorrow because it looks like RIMM is still going up.

GOOG: In my opinion, I don't think that GOOG does too much this week. It is time to get out and on to new trades.

FCX: M/A activity taking over PD. I think this will be good for FCX but the market has to digest these moves.

GL investors

Disclosure: I am not currently long or short any of the shares aforementioned.

Note to all readers:

This post and all other posts in this blog are for entertainment purposes only. All of the stocks listed are very highly speculative, and the portfolio is not diversified and could produce severe losses if you were to invest in these stocks. None of these stocks represent a recommendation in any way. As an individual investor, you have to assume your own risk. Prior performance is no guarantee of future returns.