I will probably pay for not being patient, but I decided to put some cash to work by adding two names to the portfolio.
With the facebook IPO approaching, I wanted more social media, so I decided to take a starter in $SINA. I’m also still in $RENN and still like the prospects there as well, I’m thinking we get $7 soon.
Anther name we have been watching in The PPT is a recent IPO, $CJES. I decided to take a stab at it today with a stop under the lows at 17.20. The setup looked a lot better on my entry, and I’m not too happy with the close. I would wait to add this one.
Judging by my two buys today, I’m not interested in stepping in big here, strength is being faded, and the bulls are timid. As far as my other open positions, $MCP needs to hold the 20 day or I will be forced to dump it. And, I’ve decide to keep $TZA a bit longer.
I’ll be back tonight with some charts. Keep any eye on $YELP into the close.