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.
PPR - Follow-Up to LNKD Pocket Pivot on Friday
|Published:||11 Jul 2011 13:47 ET|
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