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I wrote about the Lululemon last night as being a potentially well set up short squeeze play. However, I cautioned that since it is such a widely watched and well-known play by now, it would be best to wait for some strength first before jumping the gun. When everyone is thinking the same, no one is thinking. Here is the chart that I posted last evening:
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Today, LULU is down over 5.50% on strong selling volume and is obviously underperforming the market significantly. The take-home lesson is that you cannot afford to become complacent simply because a short squeeze play is well set up technically. There first has to be strength out of the consolidation–no matter how bullish it appears to be–before jumping in for the squeeze with any kind of size. Otherwise, the milf hunter is bound to rip those Lululemon sweatpants right off of you in a hurry.
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Good lesson
I am not a fan of triangles that trade right into the apex, they seem to lose their power when they do
I’d rather look for a squeeze in AIG
My keen insight seems to say that Chess may have practiced some family law in his time (hehe). High 5 Brother. If I’m wrong, so sorry, but I’ll just say that it’s all about the Hunt! I’d appreciate your thoughts on & UA and possibly $ EXPE if your interested.