kingsleyking
Short

TRXC - SHORT

AMEX:TRXC   TRANSENTERIX INC
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I've known for a while that TRXC is a pump but the stock have held pretty well. Then on Friday this expose http://bit.ly/1Tvw0It came out on Seeking Alpha with the title "Watch For A 60% Decline After Stock Promotion And Disappointing Sales". It dropped a bit but not really much. Knowing it's a short-squeeze-friday, I waited for a bounce and shorted at $3.85.

I held my position over the weekend because I knew this news will be read by people during the weekend.

Premarket today it dropped 9 % and was heading in the right direction. When the market opened it dropped quickly with 17 %. The morning low was at around $2.92 and my target was $2.90. But it didn't reach my target and bounced a bit and held the $3.00 level pretty solid. So I covered my position at $3.10 and took a safe 19,5 % profit.

I had a plan and it went pretty well.
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