I scaled down more of my TWTR long inside the 12631 Trading Service this morning, as the market faded the initial move higher in the tape. The goal there was to continue to harvest gain in a solid, pre-holiday week winning trade and take some risk off the table before Labor Day.
You can be sure that volume will shrink throughout today’s session, as many head towards the beach to enjoy what remains of this summer. I would not read too much into the action today, though the gold miners are perking up as I write this.
Names like DGLY GPRO continue to attract the day-trading, hot action crowd before the holiday, too. Beaten-down issues like FEYE SPLK YELP are trying to make a comeback, too.
As far as shorts, the Russia ETF rolled back over hard this week, and Visa may be ripe for me to take it again.
Major casinos probably should be bouncing here, but if the Macau strike weighs on them into next week it could get ugly to the downside.
Thanks for a vote of confidence in $SPLK the other day, lest I’d have sold it! $WDAY is another beaten down stock making big move today.
Good work