I had been watching SGMO for past few weeks and thought I had nailed it. I shorted 1000 stocks on friday at 7.30 and later it started going up up up and today I really wanted to close it but it never came down and instead ended at 7.95. I feel so stupid. I'm not sure if I should take my losses tomorrow or wait. Unable to pull the trigger.
What was the reason for it go up today? Was it short squeeze? Any suggestions, please advice.
Thanks in advance
Posted Jun 19, 17 10:34 PMbyradkan
Categories
Basics, Short Selling
Tickers
SGMO
As for why $SGMO is up, you've not done enough fundamental research into the field. I would strongly suggest you watch *all* of Martin Shkreli's "This week in ..." videos https://www.youtube.com/channel/UC8gjB1PSXv_oAUSAQ16S0fA/videos and then you should be able to understand why this was such a bad play right now
Thank you everyone! Yes it was a terrible rookie mistake. I got out at 8.05. $750 loss, hurts but better than losing more.
It gaped down today on public offering news. It will probably go down tomorrow. But it's part of the trading you never know when it happens
Yeap, the daily chart going back to the start of June shows no real signs of a good short setup. Even at the highs today, it was heading towards a 52-week breakout so you'd be reckless to try and short there. The S-3 was made effetive 06-09, but it was replacing the previously expired S-3 from 2014, so there was no practical way of guessing an offering so soon. While that might have prevented me from going long, I don't think there were any signals to short before the offering was announced.
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