One piece of the market that is sucking wind today is last week’s high flying social stocks. While many of these companies get the “privilege” of being at the Goldman Sachs tech and internet conference their stock prices are taking a (s)hit.
Aside from all that noise you need to be aware of how an instrument trades before you hop on board. Take ZNGA for instance: if you’re surprised when the stock moves 8-10% against you in one day, you’ve never traded this wiry bastard. Welcome to trading ZNGA, size your position accordingly.
Facebook continues to get the infidel treatment by the terrorists on twitter. I love the sentiment out there, it’s one of the only things keeping me in this weak chart. I may get shaken out of this name, or I may get larger, but I’m not yet willing to write this position off as a loser. And if you recall, I’ve already booked solid gains from the first pump in the name. Taking scales is what works for me. I have booked profits cushioning this position. Bring it on.
I can promise you this, the last place I want to be is holed up in some ugly banquet room, standing behind a table pandering to banksters. I feel bad for the companies held in GS purgatory. Many of the employees sent over would rather be enjoying their MJNA, reading comic books and writing code that will soon rule the world.
Except for CREE, they’re all business: buying hookers and cocaine for the GS bankers, making moves.
If you enjoy the content at iBankCoin, please follow us on Twitter
