Lips Were Ripped Today

Bears appeared to have their tea early this morning and were hungry when the session opened.  They spent the first hour of trading driving price nearly ten handles lower in the S&P, impressive no doubt.  Then, they vanished.  Poof gone.

I put out a twitter update that we must have just seen the day’s range.  Making such an audacious claim after seeing the market rip ten handles higher would be foolish as fading the prevailing trend is a sure ticket to insolvency. But after observing the magical disappearance of the sellers it was a reasonable claim.  At that point the only play was to try and buy or sell the extremes of today’s trade and ride back into the middle.

I was eyeing Zillow early on as it put out an early flag.  I sold out of the name far too early this year and even received a “hate to see you go” tweet from the CEO.  Odd yes?  Nevertheless I took my eyes off the prize for ten minutes and she was gone.  Later in the day it offered a juicy secondary entry good enough for any day trader but the swinger would be left underwater on the name.  I still like the progress bulls made today in Z.  It made holding a large sized position in Zynga that much more palatable.

On the topic of Zynga, how about today’s action?  Can we safely call that a face ripper or do judges require a bit more panache?  What a beast.  I’m targeting the 99ema for my first scale.

I spent a good portion (perhaps too much) of my day watching shares of ANGI trade.  Wow that stock trades in an ugly manner.  A huge amount of volume was transacted in the shares today in a tight range.  The stock looks primed to pump and with the rest of the mobile/social space ripping along I thought, why not?  It still may rip this week I’m certainly keeping it on close watch.

Other action today: TPX has been faded since posting a decent earnings beat.  Today it seemed overdone and I was happy to increase my position to ½ size sub $40.  I also added back shares of APP around $1.33 that I sold a few sessions back for $1.30.   I thought it an excellent lateral move.

Many called the day dull.  I found it to be grandiose.  There was even the surprise announcement that our supreme leaders at the FTC are busy saving us from pyramid schemes.  I can hardly contain myself.  I want to send them gift baskets of MTEX supplies as a sign of my gratitude for their investigative work.