It was definitely a busy week in the market as we churned through our range. The important matter is we finally auctioned the 1500 level in an orderly fashion. That was the action I have been looking for all week. I had a chart all marked up and pretty, ready for the interwebs to digest when my internet went down this morning.
Instead I provided you a picture of my PC screen taken with my iPhone via Twitter. So haggard, but I did what I could for MY PEOPLE (OOMPH!). So haggard:
http://twitter.com/TwoSmuth/status/299882387297419265/photo/1
Other notable happenings this week: ZNGA isn’t dead yet and plans to get your children addicted to gambling. This is all very bullish as can be seen in the huge run up today. Seriously folks, I attribute the strength in Zynga shares today to a decent quarterly performance (nothing extraordinary), the online gambling jawboning, and the MASSIVE LNKD move. That final bit of sentiment could be what kept a bid in most the social names today. We also had a nice breakout in the nazzy, that buoyed things I’m sure.
Zynga was my trade of the week, and I must solemnly tip my hat to iBankCoin legend and southern gentleman RaginCajun for trading side-by-side with me on this name.
I had to dump ANR today. The stock has exceptional February seasonality statistics in The PPT, a high short float, and is part of an industry that was flagged by my seasonality trend work at the beginning of this month. It can be frustrating to put a ton of research into a name, definitively have an edge, and still wind up on the losing end. But believe me, it happens more than traders like to admit. Knowing your risk going into the trade makes the decision to cut your well thought out trade when it doesn’t work simple.
Other times you just pull up a chart, it looks ace, you buy it, and it’s a ten-bagger. So take the good with the bad.
I had a great week of trading here in the hallowed halls of iBankCoin. My days as a tabber may be numbered, but I’m going to make sure and enjoy every minute I’m here. You only live once and this is the best 15 minutes of fame Raul3 could ask for.
Have a great weekend. I’ll be checking in with any internet foolishness or insights I have over the weekend.
http://youtu.be/GR8jOJZERhs
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Dude, the song, LOL.
Listen on mute only
Couldn’t put it any better myself as I think this every time I take a loss. Sometimes it just doesn’t work.
” It can be frustrating to put a ton of research into a name, definitively have an edge, and still wind up on the losing end. But believe me, it happens more than traders like to admit. “