Bookkeeping: Covering ValueClick (VCLK) Short

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. If this gap fill happens today or the next few sessions it will coincide perfectly with the 20 day moving average and give us a great tell since that should scream for hard core bulls to buy buy buy. If they do - it appears to be business as usual; if not...

No position