We’ve been playing cat and mouse with this scam-bait, trying to short it, although not with a damn-the-torpedoes approach. It’s tempting to go all-in now, given that JNK’s recent short-squeeze leaps have turned into belly-flops. We’ll stick to our discipline just the same, as always. Accordingly, I’ll recommend shorting the still-undetermined midpoint pivot (p) of the pattern shown. Stock or put options can be used with a 10-cent stop-loss, but if you employ the latter, go with near-the-moneys that expire in three weeks or less. If the order fills, check here for an update and in the chat room for further guidance in real time. _______ UPDATE (March 16, 9:32 p.m. ET): Short this brick if it gets near 34.70. That’s a minor Hidden Pivot target based on A=33.58 (240-minute chart, 1:30 p.m. on 1/9). _______ UPDATE (March 20, 10:08 p.m.): The trade suggested above turned out to have been a lay-up that any subscriber could have done, since JNK topped on Friday at 34.71, a single penny from the target I’d furnished. As is my practice, however, I’ll wait to hear from at least two of you who actually did the trade before I establish a tracking position. Whatever the case, the 20-cent drop that followed Friday’s peak would have been reason to take a partial profit on 25%-50% of the position. _______
UPDATE (9:03 p.m.): Based on two fills reported by subscribers in the chat room Monday, I am tracking a 200-share short position with a cost basis of 34.90 that reflects partial profits taken at 34.50 as advised. For now, do nothing further. _______ UPDATE (March 27, 10:29 p.m.): Cover another hundred shares of the short position if this financial barf-bag should fall to 33.94. Make the order good-till-canceled. _______ UPDATE (March 29, 2:36 p.m.): Third round lot covered for 0.94 on today’s dip to 33.82. The remaining, 100-share short position will carry a profit-adjusted cost basis of 35.86. Prepare to let this well-cushioned bet run…forever, since I expect JNK eventually to fall to zero.
