charts/tape reading

The market doesn't care what I or anyone else says.
The market is the final authority of profits or losses.
That's why it's smart to listen closely to what the market has to say.

One way to look at is ignore noise (news) and focus on charts as the resistance/support/hammer/volume is how the market is saying what it wants to say.

Wednesday, February 1, 2012

Facebook IPO

is going to be filed today. There was a trade that I could've made sometime back on similar social networking players. There's LNKD (Linked In). I would've brought some near-term calls in anticipation and sell on news when it broke out in WSJ on Monday. Now it's too late. There's too much hype...stay away from this for atleast a year and once some kind of trading patterns are formed, we'll play it then - my 2 cents :)

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