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