Despite the big gap-down this morning the market is not seeing heavier selling today, which is somewhat constructive given that the indexes have been straight up for the past eight days in a row. What always stands out is anything moving to the upside with any kind of authority, and we note that LNKD is breaking out of a cup-with-handle that reminds us of such a pattern from the "dot.com" era in the late 90's when internet "hotties" would breakout of C&H patterns where the handle is one or two days long. Today's volume on LNKD is a pocket pivot volume signature, but the stock began its move today from the 90 price level, just a hair extended from the 10-day moving average at the 88 price level. Interesting action in an otherwise down tape. If one was in the mood to take a position here in LNKD, a small starter position would be most appropriate. As we discussed in the live webinar on Wednesday of this week, we have been watching LNKD as it builds its first real base since coming public and have a small position currently, for purposes of fair disclosure. We'll see how well this holds up into the close.
PPR - Pocket Pivots in Real-Time: LinkedIn (LNKD)
|Published:||8 Jul 2011 19:23 ET|
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