This week most of the twitter stream is focused on the same names. It’s apparently causing a crowded situation. Everyone’s hitting on the same girl at the bar simulatneously, all getting in eacother’s way and rejected violently. I was tempted by LNKD as it setup after lunchtime only to be on the receiving end of a nasty downdraft. I like the look of the dailies and was considering letting the stock run its course, but I swapped it out late in the afternoon for Zillow instead.
Zillow I like both as a company and a chart of price activity. LNKD not so much, I think it’s where tight slacked homos stroke eachothers ego. Now Zillow, It hasn’t done much since IPO, but for the time being $33.00 has been solid support. My stop hovers slightly below there and I will lean against the number and add should we trade into the support zone.
Beyond that I scaled off some exposure today as detailed in my earlier post. Scaling works for me. Everyone’s strategy is different but I find the key to my long-term success is taking hard fought profits. Especially in a directionless, no momo tape like the current. I also find it key to let runners run. I thought I would have a piece of Pandora running along freely like a wolf. Instead I have no position left. This climate is not conducive to swinging multi-month trades.
My EUO hedge was scaled back a bit this morning because tomorrow is likely to whip the currencies around. I still like the price behavior however and retain 2/3 of the hedge. This ETF slugs around mostly. I currently have 10% of assets here.
Cash & AWK: 48%
Longs (by weight): TRIP ADS YELP Z TPX VHC
TPX is being attacked by suits and ampersands, tread carefully on this sleepy name.
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