We sold our position in $MITK for a $706 profit. Shares of this security continued another 8% higher throughout the day but, we wished to move money to another opportunity. Specifically, we put on a quick day-trade in $AVL for a profit of $400. A new position was taken in the Chinese internet company, ChinaNet Online Holdings, Inc. ($CNET)based on the current demand for oversold names in the sector that continue to produce healthy net-incomes.
There has been a 35% decrease in $SMSI short interest reported during the final 2 weeks of 2011. 1.1 million shares were covered during this time to bring the value as of Dec. 30th to 2.1 million. This leads us to the obvious question, “Why were short sellers leaving the trade during a time in which tax loss selling is more the norm?”