Bookkeeping: Covering Priceline.com (PCLN) Short

Priceline.com (PCLN) is showing some decent strength here, although the close is more important than the intraday price. This is a 50/50 ball at this point - so not my type of odds. Plus risk is "on" today as seen by the moves in commodity stocks; and Priceline is one of those hedge fund dominated stocks - risk on, risk off blah blah blah. Since the stock does not seem to care about "resistance" at both the 50/200 day moving averages and the S&P 500 has a potential for an extra 20-25 points before hitting the next level the bears will show up, the stock could continue upward in the near term. I just put this trade on 48 hours ago so I am going to quickly cut it for a 2% loss; it is actually a name like fundamentally so you are always torn when you have a short side set up on the technical side with a company whose business you like. Remember, PCLN has massive business in Europe so any thought process that Europe is recovering or at least not falling off a cliff (which the Euro seems to be showing) would be a big benefit to this company.

Of course if the market begins a selloff next week, and the S&P 500 falls below 1070 and stays there, in the "student body left" environment, PCLN will fall right along with it. Just too early to tell right now.