Pocket Pivot Review - WB follow-up
Chinese social networking platform WB had another pocket pivot. We reported on this stock on November 25. As we have suggested many times, it is better to wait to buy on constructive weakness. For example, WB had a low volume "voodoo" pullback for a few days leading up to December 11. It could have been bought around then instead of on the pocket pivot day.
On another point, for those who bought WB either on the first pocket pivot report or on any of the "voodoo" days that followed, today could be a good day to take at least partial profits since the stock is sticking straight up relative to the chart and to the action of the general market. The after-hours market can be used to sell if you did not already do so.
Of course, some may have a different style and prefer to add to their position on a day like today. But given the general tone of the markets over the last couple of years, it has been better to take profits when you have them in context with the stock's chart and general market environment.
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