Gary Kaminsky Was Wrong On LULU

CNBC Fast Money's Gary Kaminsky recommended on February 22nd a short position in Lululemon Athletica inc. (NASDAQ: LULU). He played this trade by buying puts in LULU. Gary Kaminsky made this call because he thought that LULU won't be able to expand and grow its business.

Lululemon Athletica inc. (LULU) posted better than expected earnings recently and raised its guidance. The stock reacted positively and jumped to $40.57. Gary Kaminsky made his call when LULU was at $28.32. It gained 43.26% since he made that call.

Gary Kaminsky said that bad calls can happen when you try to short these momentum names. He added that it is going to end ugly, but he just doesn't know when. LULU reached saturation, said Gary Kaminsky, and added that it is a good stuff but it has a high price and the company will not be able to find new customers.

He still recommends buying puts in this stock.