06Jan11:06 amEST

Pressing a Bet; Chess Moves

helicopter-chess With the trade thus far working in my favor, and the market cooperating for shorts, I added to my GOOG short here at $516.46. Back on Friday in this blog post, I entered the trade at $524.41, playing for a breakdown to fresh 52-week lows. The position was roughly 4% of my trading capital, with a protective stop-loss above $540. The position is now roughly 6% of my portfolio, with the same stop-loss in place, for now. GOOG and many other premier names, such as NFLX, are getting hit today in the market sell-off. To my eye, the stock is not yet oversold and I believe there is room to the downside yet. GOOG

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