BIDU Update

Yesterday I updated the possible/probable bounce BIDU should see as a volatility shakeout from a H&S top break below the neckline.

Today we have quite a few intraday positives out to 5 mins that say we will see that bounce, that's where and when we want to start or add to an already profitable BIDU short position (Core short/trend position).

I may very well even open some calls for a bounce higher, but make no mistake I am BEARISH on BIDU and would use any such bounce to short in to, but as long as it's going to bounce, why not hitch-hike? I think this only works with options, I don't think three's enough profit potential with an equity long to make it worthwhile from a opportunity cost p.o.v.

 1 min

There's migration further to the right as accumulation for a bounce picks up on the 2 min and subsequent charts.

 3 min leading positive

5 min leading positive.

I'd prefer something like a March (at least 6 weeks of expiration) $155 or so, I'll see what's available, but remember this is only a quick trade to hitch-hike the bounce so we can add to the core short.

I'll let you know before I do anything, but I'd rather do it while sentiment is sour.