I only took one trade today, which was another short of BIDU. I was actually shocked that there were shares available after the open because there were none available in the pre-market. I saw a few thousand shares become available around 9:40 so I figured I’d better snag some while I could. So despite not having a good setup yet I shorted some at 88.67 and watched it quickly run more than 5 points against me. But I wasn’t that concerned given the $45 and $27 valuations given by the underwriters today. Plus this was going to be a swing trade so I just waited. Once it started pulling back I shorted some more at 91.54. The rest of the story is all in the chart…
Now that I have a nice profit cushion in it I’m going to try to hang on at least through the Fed meeting next week. Pray for me. 
Update: You all see that beautiful dummy spots after the 10:00, right?
Update @ 4:57 on 9/15/2005: I just covered half the position in the after-market. I decided to just lock in some of the gains and let the rest ride with a loose stop. I think I made a good decision, although now I’m sure it’ll tank…
Hi Mike,
Nice trade. No shares to borrow for me. I think the few thousand shares avail @ 9:40am on your platform might be due to some traders who had borrowed those before bought them back to cover at the gap-down open.
jim
Thanks Jim. Yeah, the available shares kept fluctuating between 10,000 and 0 all day long.
No doubt because of exactly what you said.
Mike, wow five point swing,nice hold.I hope they crush that google wannabe for ya!
I’m praying for you. Good luck!
Thanks guys.
For some reason Mike, I keep getting fooled by BIDU. I have had 3 positions lately: long, short, then long again. Everytime I was exactly oppisite. I am going to try again in the morning…hopefully I am not jinxed. I was up over 75% for the year until I started playing Bidu but due to some bad timing (holding overnight like an idiot) I have lost big. I am down to 50% profit. Still good for part timer.
Do you have any exp with loosing big and what did you learn?
I see some of the other chinese web stocks were down in sympathy too (eg. NTES, CTRP). Might make good plays when they bounce, as the BIDU analyst coverage does does directly impact them.
Where do you see resistance on BIDU ? It looks to me at 80 then maybe at 72 if that fails.
SD Trader, yeah, I’ve been there a few times. All you can do is identify what you did wrong, learn from it and don’t repeat the mistake(s) and pick yourself up and move on. It may also help to trade smaller for a while.
Good luck.
Englishman (or should I call you E.T.?),
I see support at 80, then another level around 77 (the lows from Sept. 2 & 6) and then 72
E.T. ? Legal Alien might be a better term. And yes, its support not resistance, unless you are looking at it upside down (how I look at shorting).
I see its testing the resistance at 80 now.
Good luck.
Just wondering how do you find if there’re shares available for you to short? Yesterday I tried a couple times to submit a short sale order, but my brokerage denied my order. Please advise
The number of shares available to borrow is displayed in my trading system (CyberTrader). I just made two posts showing screen captures to illustrate.
See an example with shares available and an example with no shares available.
If you’re still letting that other half ride with the loose stop, looks like you’ve made your profit for the quarter (?year)… congrats.