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MRT - Shorted as part of a pairs trade going long NATH
Shorted Morton's today at $5.22, and went long an equivalent dollar amount of NATH at $15.58. MRT has an Altman Z"-score that predicts bankruptcy, and NATH has one that indicates financial strength. The macro picture favors NATH too: n this economy, there's going to be more demand for downscale burgers and dogs at NATH than for upscale steaks at MRT. NATH also looks better technically too.
Using 18% trailing stops on both ends here.
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I was forced to cover 20% of my MRT short at $5.47 today, for a loss of 4.7%, due to some nonsense about a reduction in the number of shares available to borrow.