I just glanced over at WOV
https://wizardofvegas.com/forum/off-...11/#post765159
and it looks like I wasn't the only one who entered a short position today - onenickelmiracle just shorted GILD - yeah, the one that rocketed 16% in the AH due to the potential of its drug remdesivir for treating coronavirus.
Unfortunately for him, he shorted it before the bell, and unlike my rather small AMZN short versus my huge AMZN long position, he apparently sold all his GILD at a loss and then went all-in short - a double whammy.
It's actually rather hard to understand this guy, but in any case, he's looking at a bad scene when the market opens tomorrow. In the long run though, given that remdesivir was not tested with any sort of control (no control patients who were NOT given the drug, let alone any kind of double blind study), the whole thing may turn out to be hot air. With his luck, I hope he doesn't end up covering at a loss then going long before the boost fades.
Wishing him well, he's going to need some good luck tomorrow. Hard to say what I would do if I entered a short and it rocketed in the after hours, but typically these sorts of things do fade, at least some, tomorrow, so, although he's almost assuredly f'ed, damage-control-wise he might be better off waiting for the pop to fade, at least some, during the day. In my case, today, I would not have lost anything in my little shorting experiment today, and would have actually made some money if I had just grinned and bore the pain of the "short fear" squeeze.
For me, tomorrow's a new day. and I've already dismissed today's losing trade as a lesson learned. Against the backdrop of how far ahead I am with AMZN, it's just pennies. But it does go to prove how much easier and more rewarding investing can be versus trading.
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