CREE- a short to 52.50 area

A break below 55.75 and cree should see 52.50 . It has fallen hard already but looks like more downside. Lets keep a look on this one as a short.
 
why cut short so short?
CREE has more room to free fall. I tried to short it too, the gap down really a good sign+nice up trend before, that setup is perfect. lots of longs are trapped by the nice trend beforethe gap down.

good short sale candidate. I bought some puts.
drop too slow, my put did not gain much so far.

hope 10% drop today

Quote from NY_HOOD:

I shorted and covered. Made 80 cents on 1000 shares. 800 bucks.
 
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