TradingView
DrewDimes
Aug 19, 2021 7:39 PM

Macy's--Up 20% in 1 day with COVID lurking again Short

Macy's IncNYSE

Description

Suddenly Macy's is cool again. I'm not buying it. In fact, I'm shorting it!

Trade closed: stop reached

Calling a bad trade a bad trade and stepping off here. Might look for a re-entry if price levels get above $25
Comments
prodigyprincedevil
Any Stop loss set @DrewDimes ?
gabrielpitts123
thinking of getting some puts
gabrielpitts123
you still believe it’s gonna head down?
DrewDimes
@gabrielpitts123, I'm still holding puts. I will admit, Friday was a stronger day than I was expecting and caused me to back out of my position just a tad bit. However, RSI is nearing overbought territory so I don't think the momentum will hold thru next week. Tomorrow will maybe tell us the direction this one is heading short term.

Give yourself some time, a winter of COVID headlines and possible restrictions will be bad for this ticker. Got most of my position in the 2/28/22 puts. Also gives you time for a possible incoming market correction, which everyone has been trying to call since January but still hasn't happened.
More