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locogmac: Trade Notes

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Sold Short 100 shares of MELI at 40.20

locogmac posted on 03/06/08 at 08:16 AM (Note posted about 8 hours after the trade)
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Users Bought (30 Days) 0 (0%)
Users Sold (30 Days) 0 (0%)
Market Cap 718.94M
52-Week High 67.50
52-Week Low 7.91
10 Day Volume 505,000
P/E 45.95
EPS (Trailing 12 Mos.) 0.37
1Day 5Day 1Mo 3Mo 6Mo 1Yr

Transaction: Sold Short
Symbol: MELI
Quantity: Not Shared
Price: $40.20
Value: $Not Shared.
Stop Order: No @ $N/A
Target Price: $35.00

In the spirit of cynicism and perhaps communism, I am going against Mercado Libre (MELI), aka Free Market in English. Don't get me wrong, I am a firm believer in free markets (less government regulation/taxes/etc) and capitalism, but I'm just going to have to go against Free Market for the near term. Why? It seems that no matter how good earnings are, it will come back down eventually. That's just the way the market's been going these days.

I hope this does not make me a communist or something. :) 

Target price at $35, I think that it is definitely reasonable buy-back within 2-3 trading days as this market has been brutal.  

And I just found out that I'm still only going to be able to either short the stock outright or do covered calls to create short positions as I wasn't approved for L2 Options. The option approval form says L2 has no requirements, but they said since I'm a student, then.... :( IMO, doesn't really make sense that being a student or not should affect this, but I guess I'll have to live with it.

Edited by locogmac at 04/08/08 at 06:13 AM
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Posted by locogmac on 03/06/08 at 08:16 AM

Tag It | 1 user tagged it: MELI, stock, short, communism

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AznLyte

Member since: Feb 08
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Trades 223
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Age: 20's
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AznLyte
Posted March 07, 2008 (02:56AM)
Yeah, it kind of sucks that puts are deemed riskier than shorts.  I guess it sort of depends on how you look at it.
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