GO AGAINST WARREN BUFFETT — A NEW TRADE ON THE E. W. SCRIPPS BUYING ION

The E. W. Scripps Company (SSP) is buying ION Media.  Buffett is helping SSP by making a $600 million preferred equity investment. However Buffett is getting very attractive terms that are not available to regular investors.  The stock has jumped 56% to $16.31 in the premarket.  The short zone is $16 to $18.88. Maximum recommended position size is 25% or less of full core position size.  The problem with this trade is that the ideal place for a stop is over $23.  Consider stops on one-half of the quantity in the zone of $20.11 to $20.56.  On the remaining consider stops at $23.11 to $23.67.  The plan is to short more if it goes higher.  The first target zone is $12.50 to $14.11.  The second target zone in the long term is $6 to $8.36.

This post was just published on ZYX Short Sell Change Alert.

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