Akamai should start going down within the next few trading days if it's going to follow-through to the downside. I'm setting my stop to $40 on my short position.
One of the important traits of short-term traders is to be able to admit when you're wrong and turn on a dime. That's what I'm going to do here. In my first post on AKAM I wrote that I didn't think that AKAM had gapped down to support, but it looks like I was wrong. If it hits $40 I will cover my short AND buy. If I buy, my stop will be $38 and my target will be $46+ within a few weeks, making my reward vs. risk: 3 to 1. Sunday night 8/8/2010