Massive selloff triggered the circuit breaker, CZR got halted. News came out about CZR facing bankruptcy after a federal judge refused to protect the casino company from creditor lawsuits seeking up to $11 billion.
I shorted after the reopen of the 1st halt. CZR got halted several times under 30 minutes. I got too greedy and held my short position through several halts. After the 4th halt and it reopened, the stock bounced up. I still covered with a profit but it could have been more.
Good lesson: Facing bankruptcy doesn't mean the stock should go to zero.
I shorted after the reopen of the 1st halt. CZR got halted several times under 30 minutes. I got too greedy and held my short position through several halts. After the 4th halt and it reopened, the stock bounced up. I still covered with a profit but it could have been more.
Good lesson: Facing bankruptcy doesn't mean the stock should go to zero.
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