Sabrient Select Opportunity Virtual Portfolio
September 22, 2010 – Sell Short CIEN and ATPG
I’m not feeling good about the market right now. Volume will return — along with the short sellers. So, I’m going to add a couple of shorts before market close today.
We stopped out of a short position in Ciena (CIEN) back on August 27, and it has gained another couple of dollars since then to reach above $15. It carries a STRONG SELL rating in the Sabrient Ratings Algorithm, a low Company Outlook Score of 9. I am adding it as a Short position to the Select Opportunity Virtual Portfolio at a price of $15.05.
I expect it to fall from here, so I’ll place a tight mental stop at a closing price above Monday’s closing high of $15.37.
Also, I’m going to initiate a short position in ATP Oil & Gas (ATPG). It is rated STRONG SELL in the Sabrient Ratings Algorithm and carries a dismal Company Outlook Score of 0. I’m adding it as a Short position at a price of $12.20.
I’ll place a tight mental stop at a closing price above Monday’s closing high of $12.71.
Best Regards,
Scott Martindale
