Profit Off BIDU Profit Taking

I remember hearing that BIDU was issuing a stock split soon a few weeks ago, but lost track of it.  This morning I came across an article addressing their 13% run up yesterday.  I watched them this morning, and then shorted 50 shares at $79.80.  I issued a One Cancels Other (OCO) order with a buy stop at $81.15 and a limit buy at $75.50.  I later changed this to $77, as I didn't want to get greedy and was happy with capturing part of the move down after the irrational overbought move up.  Contrary to popular belief a stock split does not immediately make a company more valuable.  Anyways, the buy order closed out my position at $77 for a nice gain.

Almost enough of a gain to counter the OCO order I issued on the E-mini Crude Future.  I bought into a QM contract at $74.40 and set a $74.05 stop loss along with a $75.225.  Shortly thereafter, crude briefly touched below $74 and shot up to $75.5.  Hitting my stop loss and then going up as I thought it might bounce off these oversold levels.  There is no partial credit in the market though.  I should not be in a contract that requires so much capital that I am only putting my stops .5% down.

In the future I will be limiting myself to USO to capture oil moves, at least for a few years until I have a much higher capital base.  But due to the structure of USO, its severe contango means I will mostly trying to capture moves down in oil by shorting USO.

I also shorted 100 shares of AOL at $24, and have an order to short another 100 at $25.