Why short Priceline now?

Let take a look at Priceline, PCLN. First, it has moved from a high $270 to $189 in four weeks. This week it crossed the 50 week MA and broke it’s first major support at $192, even though $192 was actually broken two weeks ago. RSI crossed below 50, so other than the S&P 500 not giving a clear cut down trend signal, it looks like a good short.

I shorted the stock at $185 and by the end of the day it close at $189. I’m expecting a possible fall to the second support level of $154, which would be a nice little gain. Unfortunately my timing entering today was not the greatest.

I only sold short 6 shares at $185, so I’m only down a total of $28.98 or 2.61%. So far I see no interest or commission charged to my account, so I cannot report any details there. I will give daily updated on this transaction until it is complete for my and your reference.