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May I kindly present to you yet another short-selling idea: Comerica (CMA) which has zipped up to what I consider to be important resistance. It’ll probably take months for this to fully play out, but the risk/reward seems opportune.
Remember Herbalife (HLF)? That was the firm engaged in some very, very sketchy sales practices (basically a giant pyramid scheme) that Bill Ackman had shorted. His archenemy, Carl Icahn, went into a very public war with Ackman, since Icahn was very long HLF. Eventually, Ackman couldn’t take it anymore, and he gave up the fight right near the peak.
Birkenstock came public less than a year ago. For a while, it was doing great, I suppose because of its well-established brand. Recently, however, it’s been falling apart. This is a good example of why one should avoid newer stocks without much price history. I strongly suspect most buyers of this stock had simply embraced the narrative that, “Hey, I like Birkenstocks! They’re comfy!” and left it at that.
OK, that title is too obvious for my normal lofty Dad-joke standards, but it’ll do. You can probably guess that I’m about to suggest 3M as a short (MMM). For nearly seven years, it has steadfastly remained below this long-term resistance trendline, and we’re close enough to it to make for an alluring risk/reward ratio.
One of my favorite shorts – – maybe my favorite of all – – is symbol CC, the stupidly named Chemours, which is the company duPont spun off to possess all their toxic assets (figuratively speaking).
