I was having a relatively strong day until peaking and turning south about the end of #WWDC. My technology portfolio held strong most of the day led by sleeper Pandora. Their CEO is doing his best in DC to level the playing field for radio royalty costs. Apparently his run at about 50% of revenue where satellite provider SIRI runs at around 7%. Not much other big news out of the name but it displayed relative strength only to fade slightly into the close.
Beyond that we have exactly the type of gyrations one could come to expect from summer trading, what with its low volumes and young interns and news sensitivity. My portfolio sits around 40% cash and AWK, with 60% allocated to the following names, by weight:
P, RAX, VHC, TRIP, ADS, YELP, GSVC, NTAP
The above theme is mobile-social interactions. RAX was weaker than normal and I have a stop in place at $43.50 as I don’t intend on letting the name get away from me. The bears remain at the reins on this one after a brief bounce last week. It looks great on the weekly chart, but needs to recapture the $45.00 level which was the primary breakout at the beginning of this year. Fly has the name on his avoid list until they produce better earnings and this, combined with its lack of bounce from support, has me keeping a tight leash on the name.
Everything was floating near unchanged during the session, even showing shades of green for a bit. However most of the progress diminished into the close.
RAX is the only name nearing stop. All others are behaving well, considering the misfits they are. I was prison shanked into the close bleeding out for nearly 1%.If you enjoy the content at iBankCoin, please follow us on Twitter