Trade: Sold Portion of Baidu
It's never a good sign when the COO resigns especially on a Friday after the market close. I'm surprised that BIDU didn't trade down, but it's likely that all of the influential traders were gone when the news hit. In addition, BIDU is technically on the verge of breaking down so it was only prudent to exit this position before the market clues in to the news.Its very possible that the conversion to the new software hasn't gone very well. Why else would the COO leave BIDU for 'personal reasons' and not a big new job? If the stock does breakdown, we'll look to re-enter the position around the 200ema of $350.Stay tuned for more news!