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On December 22, 2011, I first initiated a strong sell recommendation on Barnes & Noble (NYSE:BKS).

In my article, "Barnes & Noble - No Friend To Shareholders," I explicitly explained why shareholders of this company are being mistreated and why there is only one way for this company's stock to go - and that is down. Needless to say, I received quite a lot of skeptical criticism from various traders and investors alike.

Soon after our short position was initiated, the company reported that the holidays sales of its Nook were not as successful as it previously anticipated, and that it is considering selling the Nook (Division) altogether.

The stock plummeted from $15 to around $11 and I initiated a Buy To Cover for half of our short position. We banked 33% on that half when we bought to cover for $11.2.

Since then, the stock has been extremely volatile, ranging anywhere from $9 to $11.8 a share. As of late, the stock demonstrated some resilience to market turmoil and continued to increase in price.

Today, the stock is shooting up by more than 7% while the market is climbing by barely 0.7%. To me, it seems like someone in the know is about to announce some M&A news or the anticipated spin-off of the Nook.

Since we have made some very good profit, it makes no sense to lose it all at the end.

I recommend a Buy To Cover our remaining half of our short position in BKS. We have made 25% on that half, which brings our total profit to 29%. Not bad for 29 days of work.

Source: How To Make 29% In 29 Days