Bookkeeping: Covering Athenahealth (ATHN), True Relgion (TRLG) Shorts

I am covering both Athenahealth (ATHN) and True Religion (TRLG) simply to reduce my short exposure as the market is impossible to fight here.  

Once more Athenahealth has offered us a nice gain in a short period of time (2 days), and normally I'd keep pressing this name but with the S&P 500 on yet another new leg up, I want to preserve the small gain and will take the 3%.  While nothing impressive, in the context of this market - it is doing its job of creating a hedge.

While I am taking a 1% loss in True Religion (original short March 15th) I am actually extremely pleased with the outcome.  In the time I shorted TRLG not only has the stock market continued up, but the sector the company is in (consumer discretionary) has been the strongest.  Many of True Religion's peers have shot up 5-10-20% in the time.  So this is a relative win as we experienced no pain and had a proper hedge on.  The market is simply not working in our favor.  The stock has now stalled for 12 sessions... my stop loss was in the lower $30s.  If True Religion can jump over that level I expect a new leg up to begin ... while it has not happened yet, I am bowing to the pressure of the overall market and being proactive.

This still leaves us with some short positions but takes away 6% exposure.  On which we actually made money on a net basis.  I will look to slap on more hedges at higher levels, perhaps with these stocks or maybe with others.  But for now I just want to get out of the way of the rampaging bulls.

No positions