MKTY did exactly as we expected out of the open today, a nice squeeze failure to even test $6 and immediately lost $1.00 per share! The best part is there were and still are a bunch of shares to borrow. $4.50-4.55 probably a good first cover and watch for spikes for another shorting opportunity. If you haven’t joined us in chat, do so HERE.

MKTY watching for a gap and crap, this is probably a pretty decent short tomorrow, but lets see how it trades out of open. Tim had a decent trade on it (from his alerts) but later in the day, it turned up towards high and closed relatively strong. This gives us another day for a possible squeeze and a higher short average. I’d let it squeeze out of open, failure to break $6 and confirmation of a breakdown I’d jump on board on the short side - back towards $3.75-4

Tags: MKTY

This entry was posted on Wednesday, July 23rd, 2008 at 10:27 am and is filed under Recaps. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.