Fundamentals specific to XiaoMi remain strong. This bearish move from the sudden flood of locked up shares comes amid a broader market rally. Take advantage of this single event as shorts anticipating this sell off covers.
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Here comes the short squeeze just before CNY. Get prepped for upside surprise earnings on Feb 27. Target $12
Trade closed: target reached
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$12 reached
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Moving forward, long term hold should also be a solid strategy. At some point it should surpass IPO $17 in the coming year or so.
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Correction: Earnings is today, not the past Feb 27 as stated in the earlier comment.