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Why This Hedge Fund Manager Is Short Walt Disney

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Why This Hedge Fund Manager Is Short Walt Disney

JC Parets is a weekly guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick.

Eagle Bay Capital Founder JC Parets talked about shorting Walt Disney Co (NYSE: DIS) on the show.

$111.70 was a critical level for the stock in Parets’ view based on the Fibonacci extension from the September to October decline.

Despite what might have been perceived a positive earnings report, the stock fell this week and Parets had shorted the stock based on the technical analysis.

Parets said that as long as the stock was below $111.70, he would be aggressively short Disney.

Walt Disney Co closed Thursday at $109.26, down 0.42 percent.

Listen to the show here:

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