EDGE TRADER

Thursday, February 02, 2006

DRIV- Digital River

Closed out my position in DRIV for a quick momentum trade. Nothing dramatic; roughly 1% return. I was an owner of DRIV for about 23 minutes today. The tape tells the tale; it looks as if the majority of shorts were able to trade out of the position prior to today. Those that were left either had covered this morning (accounting for the brief run-up) or are capitalized well enough that they can hold tight. As I mentioned in my prior post, shorting this one at the peak of the opening range would have been a nice play that could be covered sometime between now and lunchtime (to beat out the 1pm margin calls). I personally shy away from using leverage, so I left that idea on the table.

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