Monday, May 7, 2012

Mercurial Monday? (updated)

2:27 am (Hawaii) Asia wasn't so hot. Then Europe opened and the radical elections in France took effect. As a result, the Euro sank, as did finnies there, and FAZ got up to 23.42 in pre-premarket trading. In regular-people trading, which started 27 minutes ago, FAZ was up to 23.00. it closed at 22.48 on Friday (and I took a pass imagining that the EU would start babbling about another stimulus or some other shady hero action).

Fib retrace would put FAZ at 22.80, which is close to its current price (22.89). No rush to get in here.

Update 3:41 am Out of ZAGG at 11.50, a loss of 0.56 per share. Not a tiny loss, not a huge loss. But it was pointless not because the company doesn't have a huge revenue base in the future, but because there is so much negativity surrounding it. One essay/analysis after another from amateurs and academics alike saying the financial numbers don't add up, the company is not being forthright, blah blah blah.

At a certain point, I surrender rather than be stubborn. It's not about my ego. It's about price action, and 3% down is more than enough to walk away.

Meanwhile, AAPL is up 1.2% to 572. The Nas and S&P are green, Dow is down 30 points. Europe has not altered the US market after all. ZAGG is doing an awful tumble down the hill on its own just fine, now at 10.98. The shorts own this completely, as they showed last week.

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