Wednesday, May 2, 2012

2 out of 3 ain't bad (updated)

7:28 am (Hawaii) Slept right through the 2:15 am alarm. Don't even remember standing up, walking over to the dresser and turning it off. That's what I get for not getting sleep the day before. But GSVC is still up (+7%) on yesterday's news about Facebook going on its IPO road show next week. GSVC is off its intraday high (19.41), now at 19.00 in a slightly down market.

ZAGG is up 2.3% to 12.79. I'm still a bit underwater there, but glad I held. Earnings out tomorrow on this Apple accessory company. Off its intraday high of 12.92.

I almost got some FAZ yesterday, but backed off because futures were slightly green. Today, FAZ is up 2.4% to 21.02 (intraday high 21.41) while 80% of my financials list is red. Can't win 'em all, and unless i cash in on GSVC here, I may lose this paper profit. The run, at least for today, may be done.

Update 8:07 am Bids on GSVC are lowballing. Saw it at 18.92 while the offer was at 19.07. Crazy spread. Fib retrace has a level of 18.77 based on this morning's action (high 19.41, yesterday's close 17.74), so this isn't too shocking of a move lower.

Update 8:14 am Missed the chance to get out of GSVC. Tanking here to 18.42 now, still up 3.8% for the day. Here's where the opportunity to add a little is nearing. Wasn't looking to add, but it's there. Volatility in a Facebook play is natural. Meanwhile, the indices are improving.

Update 8:31 am GSVC back to 19.00. Classic shake out by the dealers at the tables. Cleared out stop loss orders and everybody else looking to jump off the high wire. Should I have added more at 18.50? Thought about it. Took a pass. If anything, I would've set a buy order at 18.77 (Fib retrace level) just on theory and principle. Doesn't matter what I think about Facebook. It is valued at $100 billion. A year ago, it was valued at half that, a mere $50B.

Even Dr. Evil would stutter on those numbers. So yes, GSVC will probably turn out to be a steal at 18.50, 17.72, 12, 19, whatever you got it at. Just remember, CMGI, the internet incubator hottie of the late 1990s, went from 100 to 3 when the bubble popped.

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