Covering Baidu.com, Inc.
Posted on November 23, 2005 , filed under Stocks | Print This Post
I shorted 200 shares of BIDU, Baidu.com, Inc. at $82.50 on September 19th, 2005. I covered 200 shares of BIDU at $79.00 today.
My profit was $688.32 or 4.36%.
It looks to me like BIDU might continue its aggressive rise if the market continues to rally. BIDU has been rising alongside of GOOG. I expect GOOG to experience a temporary pullback as investors lock in gains. I expect BIDU to drop consequently. Incase my prediction is incorrect I’ve covered my position in BIDU. If shares of BIDU jump up over $85, I will short additional shares of the company.
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