Not much data or news out today to hang my social cap on. Today a massive amount of money went risk off and the flows took money out of this highly speculative space fast. The only bit of news supporting the cause today is the numbers out of CRM which are pushing share up as much as 8% after hours.
I’m not going to lie. I took a beating to the P today. Unlike WNR, my P took a metal rake to the tip. Quite the punishment it was, but the stinging will wane. LNKD needs to come out the gate strong tomorrow or I’m selling, raising cash, and battening down the hatches into the weekend. The wind and seas of the markets are certainly not at my back are chopping through my port like a wrecking ball. All of this, with cash levels upped to 45% after selling RAX this morning nicely dodging one of today’s many murderholes.
I so very much enjoy the mobile/social/tech space and the thesis remains. The issue at hand is this noisy IPO. What price is it coming out at? Oh, that’s right $38.00 big news. Let’s repeat it hourly. Against my better judgment I bought more SVVC today. It has a short leash. Not necessarily a price sensitive leash, but any misbehaving and it’s getting swung into a wall. My Pomeranian wrecking ball.
Zillow is a buy on any strength.
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