Not many traders ever get to see two of their shorts down 40% or more in a single week. But with Pandora -35% today on top of the 10% decline it’d seen earlier this week on top of our Valeant short from last week getting cut in half this week, we’re indeed in that position.
In the most recent Latest Positions update, I wrote:
Primary short portfolio
- Pandora (8) – I’m holding this short steady for now, expecting some ugly commentary out of the company about their struggles in the courtroom over royalty rates in their upcoming earnings report.
We got that in spades today. Pandora’s been my biggest short for a few months now and I’ve scaled into more short exposure in the name a few times over that time frame. For now, I’m going to cover half of my Pandora short this morning.
We’ve also got some big pops in some of our longs today, including Google and Amazon, both up nearly 10% and both at new all-time highs today. Holding those two steady for now.