Something sMELI fishy

I spent some time this morning reviewing my Trading Journal for the week, with a focus on trades that never materialized. While doing this review, I also spent some time reviewing trades that I had executed & exited – to see where price stands in the pre-market action.

One thing that caught my attention was MELIĀ (Mercadolibre Inc.). What caught my eye was the price being up $2.92 on volume of 300 shares. That’s right, 300 shares. I reviewed the spread in the bid & ask and decided that a good short opportunity presented itself. Pre-market shenanigans at its best as this appeared to me to be propped up for a nice short.

I have built a short position in the stock at an average of 90.40 (current price is 87.90 as of this post). Just a trade opportunity for the day.

Something to throw in the Tool Belt for future use.

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