This $UBER iPO is very reminiscent of the $FB iPO, too much supply. Props to the company for raising 8 billion dollars, but for the average investor, this was not the day to be buying. Even with a bounce in the market to close the week, they couldn’t stop selling $UBER off at the lows of the day.
Earlier, I tweeted the price action on $FB the first few weeks of trading, see below. I think $UBER does something similar:
Here was the first week of trading for $FB. Do we see the same for $UBER? pic.twitter.com/ttWPr5AAeb
— Cajun (@RaginCajun) May 10, 2019
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My trading action was light this week as we had earnings to digest along with continuous trade war headline risk. $DIS continues to be my favorite name to buy dips, as is the $SLB. $ROKU had some of the best numbers this earnings season, along with $FB. Those are also two names to look to buy dips.
WIth a lot of the hoopla out of the market this week– trade deadline, Earnings, & $UBER iPO, we should be setup well for a great trading week. I’ll put some charts together to watch for the upcoming week, stay tuned….
Have a good weekend all!
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