hungry_hippo

ROST earnings play

Short
NASDAQ:ROST   Ross Stores, Inc
Decided to go double or nothing with my beer money.

Grabbed some $123 puts at $123, breakeven is $120 and change. I think it hits that on this intraday H&S pattern it's got going. If it breaks $120 on earnings , it's got a long ways to go before it hits support.
Trade closed manually: Flipped on the gap fill, lost more than half my beer money. Oh well.
Trade active: Bought some puts today because it looks weak. I think people are gonna sell because they didn;t get the buyback pump they expected.

This probably would have gone down on earnings if not for teh buyback
Comment: PoS would've tanked today if they weren't still pumping retail. Gonna hold for a couple more days to see if we can get a red day on the market. Just seems to be rangebound at the moment, and options don't have enough liquidity to play the morning gap up, the spread is too big.
Comment: PoS finally hit my target, it should've gone down on earnings if not for the stupid buyback.

Companies always buy back at the top because of executive get options and bonuses, in reality they should save that money for a rainy day or to put a floor on their stock price like MU did a while back.
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