I’m glad this week is over. It’s been a while since I can remember a market this choppy, and I’m glad I took it light for the most part this week.
The S&P 500 barely lost the 50 day on a closing basis, but did lose it. This puts the market on thin ice, and puts me on guard for a bear flag breakdown. Which is why I am still cash heavy.
$ZNGA ended up getting me for a second loss today, for a total of -.50 cents. That one had potential to squeeze hard today, but just couldn’t get the job done. I wanted to hold for a possible squeeze into earnings next week, but decided to take risk off before the weekend. I will have to revisit above 9.80.
Not much else to say that hasn’t been said already. Long $TZA, $LGF, and a bunch of cash. I’ll be on the hunt for ideas this weekend. Hopefully, we get some better action next week.
Have a good weekend all.
If you enjoy the content at iBankCoin, please follow us on Twitter
I like $ZNGA but not touching it until it turns hard. What do you think the real upside is in things like $RENN and $ZNGA going into the $FB IPO? Are we really going to see the kind of upward movement people are talking about, or is this hype way overblown?
I think it is a bit overblown, but there will be some good trading opportunities.