PPR - Follow-Up to LNKD Pocket Pivot on Friday
LNKD is trading up this morning in the face of a weak tape. We see the stock as the only play available to satisfy investors appetites for the social-networking space. New numbers released today from June show that LNKD has passed up MySpace.com as the #2 social-networking site on the internet, and we believe this is the primary driver behind the stock. As a follow-up to our Pocket Pivot Review alert on Friday, we would note that the stock is pushing above the $100 level, triggering Livermore's "Century Mark" rule whereby a stock pushing up through a century mark price level, e.g., 100, 200, 300, etc. should move sharply higher after first penetrating such a level to the upside. Thus one could add to a position taken on Friday here, using the $100 level as a rough guide for a stop. For purposes of fair disclosure, we do have an initial position in the stock.
This information is provided by Virtue of Selfish Investing, LLC (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing, LLC. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2016 Virtue of Selfish Investing, LLC. All rights reserved.