This is our second successful round trip in shorting ValueClick (VCLK) in the month of August; first time around we got a quick 9%, and this time about 6%. Not too shabby considering the market has been up the majority of August.
We're going to cover the short restarted on August 19th at $10.75 at $10.14 and see if we should press our luck a 3rd time or find other candidates for this 4% portfolio allocation.
Recall, as we wrote last night on the weekly summary, for the overall market we're looking for the easy short to the gap on SPY (S&P 500 ETF) which is in the $101.30s. The market has been met with furious buying each time such a mini gap has formed so we'll see if it happens again - to really press shorts we have to see this pattern begin to fail.