19Nov2:58 pmEST

Time to Bully Dorks in Silicon Valley: Chess Moves

THE KARATE KID I added to my Facebook short position here at $73.62, bringing it up to a 6% trading portfolio position now. Back on Monday, I entered the trade at $74.09 in this blog post. Social media stocks have been relatively weak of late. I am pressing for further weakness. The thesis of the trade also centers around the idea that the more times which well-defined support is probed by price basing or “leaning” down against it, the more likely it is to eventually give way as the support loses its luster–What you prefer to see is a strong bounce up and off of it. As you can see on the daily chart, below, FB is leaning down against both the 100-day simple moving average as well as a well-defined support trendline. Today, it is showing signs of cracking lower. My cover-stop loss is still over $77. __________________________________ FB

Locked in a Big Winner: Ches... Shifting from Long Commoditi...

 
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