LNKD had a pocket pivot/gap up after a strong earnings report on Friday August 3, 2012. Today, it cleared a midpoint in its current basing pattern. We put out no reports on LNKD on either day since:
1) The general market has been lackluster at best with scant leadership.
2) The market has been trading in a choppy, trendless, news-driven, gap-up/gap down manner.
3) LNKD has had a number of fake-ins where it gaps up or breaks out, then goes nowhere.
Part of prudent investing is knowing when to put your foot on the accelerator. Given that market conditions are soft at best and that LNKD has yet to prove itself, the window of opportunity is only narrowly open. Patience is required more than ever before since general market conditions this year have tired out many investors with its back-and-forth go-nowhere action.
During such periods, it is best to tread lightly then let price prove itself before adding to your position should you decide to invest at all during these rare types of go-nowhere environments.
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