PPCO Update

Well, I shorted PPCO at $22.20 early this morning like I said I wanted to....and boy it was a scary ride. Much to my surprise this climbed all the way to around $22.95 in the premarket!! I'm not sure why this climbed so much higher then last nights close after the Cramer mention. I wonder if Cramer's begging to stop after hours trading has encouraged people to do their research that night and wait. Then, this morning they saw it climb in the premarket...didn't want to miss the boat and jumped in thinking it would climb even higher. Well, pretty much right at the open the price fell hard and fast to the $22.40 range....so I was still under water and a ways away from my $21.91 buy to cover price. I kept my cool and was confident that the price had to fall but decided that I had better put my cover price closer to the nice round $22 number...so I set at $22.01 which covered around 11:15. So, if I had have waited to short closer to 9:20 this morning in the $22.90 range it would have been a much smoother and faster short. I will probably take a step back the next few shortable picks Cramer has to see if they do the same thing....that is climb much higher then the after hours trading. I will also take a look at the percentages. This only went up 6% after hours....so maybe it will be safer to stick to shorting picks that go higher then a 6% gain.

So...another semi-successfully short...not a huge profit but something to keep an eye on.

Update: The stock went as low as $21.62 today. I hate to hold shorts too long...but looks like some more patience would have paid off. But I would much rather have shorted at $22.90 :)