ASNA announced that it is buying ANN.
Over the week-end, I had flagged ASNA as a potential short trade since it was under heavy selling pressure.
I was expecting to trade a break below $14.
However, we can see below that the market reaction to the news has been violent: bouncing up and then reverting down. There is no way that I can trade with the crowd. The news is out and it is best to forget about that idea.
It is obvious that the buyout news had leaked out, but once it is out, you'd be basically fight against day traders and algos.
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