Burger King (BKC) is about 15 cents away from my target area to cover, so I am going to go ahead and do it here and snatch by 3.5% gain. At the time I put this short on last Thursday, I had just a tiny amount of index short exposure because the market was reaching oversold levels and I did not want to be in front of a snap back rally. Now that this has been worked off to some degree, I transitioned back to some modest index exposure and this is the 1 of the 3 short positions that has reached my initial target so I am essentially swapping out one form of short exposure with another.
BKC can certainly drop below $16.40s range (an area of support on its downdrafts during August) but it most likely will require a drop through S&P 1040 to happen, so for now I will just play the range it has been in. This was a 2.5% exposure. I will reshort if it gets back up to $17.25+ but right now I find that a doubtful probability.