12:11pm ET I Tweeted:
"Bailed on our $BLI #BLI short position due to a bit of a reversal this morning but mostly due to NFP tomorrow morning. Normally I'd wait for the close to make a decision but wanted to get out at break even while I could, since I didn't want to risk NFP with a naked short, and knew I was getting out anyway."
If it wasn't for a major economic report due out tomorrow morning before the stock market opens, I'd wait to see if BLI closes above or below the 8ema. If it closed on or below the 8ema I would have held this short position. This little reversal could be a normal retest of the 8ema, which would normally be followed by continuation to the downside.
But the Non-Farm Payroll Report is a crap shoot. And when price was at break even, I decided I definitely wanted to exit by the end of the day. Not knowing where price was going from 12:11pm it seemed like a smart decision to get out now rather than wait for the end of the day, as I usually would.
Summary:
Shorted: 20 @ 46.85
Covered: 20 @ 46.60
Net profit: $0.25 * 20 = $5.00
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