The social stocks continue to behave well in light of macro fires and index/currency choppiness. It was enjoyable to see P finally getting its bounce off oversold levels today, even though I was bummed to see Sr. VP @RaginCajun cash out. He trades well and I applaud his victory. I however want to see this company through a few quarters. Contrary to the haters, the company is not a dead model and has sheet tonnes of mobile users, which I like to see.
It would be prudent to scale off some shares as we near what I perceive to be a massive overhead supply around $10.00, but abandoning the name entirely seems uncivil. There are only my humble opinions of course, and mean no disrespect to RC. I will consider taking such action tomorrow barring some new driven dump in the name before we open. If we see such action, my only choice will be to pick an area TO BUY MOOORE!
On to other issues, shall we? AMZN and APPL are going to fucking price war in the tablet market. I see this as very positive for Amazon. Price behaved well today, bouncing as could be expected after the post earnings profit takers had their selling fill. TRIP traded suprizingly well considering PCLN is finalliy becoming “anti-momentum” as I hear declared on StockTwits. Chess also highlighted the interesting megaphone morphing into a diamond chart pattern which I find to be a most interesting formation indeed. He finds this setup and I find his vision to be quite astute. I will be getting a bit itchy on the trigger with TRIP and unless it starts doing the “robotic auto engage climbing the wall of worry” look over the next few sessions. I may lighten up a bit. I won’t completely sell out, I don’t think, because crazy shit like the $50.00 roll can happen without any notice.
It’s nice to see these stocks trading as individual companies on their own merits and price action. In my opinion, this is a healthy sector of the market to participate in free from excessive correlation to indices and such.
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