ONE-TWENTY TWO: Trading Financial Markets
Exploring the poetry in financial markets for students of money and economy since the year 2000.
The recent batch of internet IPOs are collectively running into hard times these days despite the imminent introduction of Facebook (FB) to the public markets. On April 9, I noted a likely blow-off top in Yelp.com (YELP). Friday’s break of critical support all but confirms the top. I have updated the chart with the new … Read more
Yelp.com (YELP) is barely a month old as a publicly traded company, but it is already printing a fascinating stock chart. YELP’s IPO was priced at $15, but it opened for trading on March 2nd, 2012 at $22. That day, the stock went as high as $26 before settling at $24.58. After dropping 15% the … Read more
In early March, I provided the technical case for Groupon (GRPN) to soon test its post-IPO lows. Today, GRPN did just that in the wake of a devastating financial warning (for more details see “Brace For More Surprises: Groupon Restates Earnings, Reveals Weakness In Financial Controls“). Source: FreeStockCharts.com I am now expecting GRPN to soon … Read more
A little over two weeks ago I pointed out that it looked like TBT, the ProShares UltraShort 20-Year Treasury, had finally bottomed. TBT broke out from an extended consolidation pattern that is the classic hallmark of a sustainable bottom. On Friday, TBT surged 3.3% after having erased all the gains from the breakout. TBT made … Read more
On a big down day in the general stock market, Zynga (ZNGA) managed to gain a fraction of a percent today. The stock punctured support from the current uptrend line but quickly bounced back. Although the stock now needs to clear fresh all-time highs to invalidate the bearish “abandoned baby top” I pointed out yesterday, … Read more