Our long in Sprint was our only casualty from today’s market weakness, and to be honest the move it had before the Fed announcement even hit the market would have already been enough to trigger our exit.
The news that Dish would no longer be pursuing a bid for the company was enough to see the stock slump below its 50-day MA, as well as several key daily and weekly closes we had previously highlighted would invalidate our long. Accordingly, we will exit at Thursday’s open. As of Wednesday’s close we were +18.4%.
Sprint ($S) +18.4%. Original 2/15 entry post here.