Well, it happened much quicker then we though (I figured it would take a few days to get where we are now) but when the time is right to exit a trade, the time is right.
Personally, I think JNS can easily continue to go down from here, but the fact is, everything is falling too fast too soon, and volatility is getting to intolerable levels, even for me, (and I love volatility).
We are covering our short right now at $12.73, for a total profit of 29.3%.
We will wait in cash until things settle down a bit.
The value of this blog portfolio currently stand at all cash, with a total of $129,300. Obviously, I'll try to find a trade that makes sense soon, as the point of this blog is a trading blog, and not a "hold your cash blog" but what can you do? You can't dicate terms to the market, and if there's not rade to make, then the right move is to not trade.
Will update once I find something interesting. I've got a feeling it won't take too long.