It’s been a rocky road during our first six weeks in this position, but we have managed to eke out a small gain in CVS despite a big drop the week after we bought it on January 26. After bottoming out below $75 on February 2, CVS climbed steadily upward to break above $81 three weeks later.

Our thesis for buying CVS was that it was oversold and would rally on the slightest bit of good news. That news arrived on February 9 in the form of record fourth quarter results, including an 11.7 increase in quarterly revenue to $46 billion and a 15.8% jump in annual revenue to $177.5 billion.

The company also confirmed its full year guidance, and hinted at a possible dividend increase and/or increase in its share repurchase program later this year: “Our substantial cash generation capabilities provide opportunities to bolster our growth, and we will continue to be thoughtful and disciplined with respect to using our free cash to return value to shareholders.”

If the company delivers on those promises, then we still may get the short squeeze I am hoping for before our target holding period expires in late May.