Essentially covered half of the retail shorts yesterday as the velocity of these declines leads me to believe that a bounce is near. Unfortunately none of the trades were done at the open but all result in great profits. Trades were as follows:
Buy to Cover 300 shares of ARO at $24.50
Buy to Cover 400 shares of GPS at $14
Buy to Cover 200 shares of KSS at $32.50
Buy to Cover 200 M at $10.50. Only covering 200 of Macy's as I believe the company is heading straight toward bankruptcy after we get through General Motors, Ford and Chrysler.
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