Shorting an issue just because it's making a new all-time high isn't always the prudent thing to do for a few different reasons. The first is there are no resistance points to lean on for an exit point.
Midway through trading Thursday, the Dow traded up 0.67% to 36,166.39 while the NASDAQ fell 0.63% to 15,467.79. The S&P also rose, gaining 0.20% to 4,719.09.
Someone with a lot of money to spend has taken a bearish stance on Accenture (NYSE:ACN).
And retail traders should know.
We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.
Following the market opening Thursday, the Dow traded up 0.49% to 36,102.31 while the NASDAQ fell 0.68% to 15,460.25. The S&P also rose, gaining 0.08% to 4,713.43.
Accenture (NYSE:ACN) reported quarterly earnings of $2.78 per share which beat the analyst consensus estimate of $2.36 by 17.8 percent. This is a 28.11 percent increase over earnings of $2.17 per share from the same