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2/12/2014 - LinkedIn (LNKD) is coming unhinged. - Stock Market Mentor by Dan Fitzpatrick - YouTube
Channel: Stock Market Mentor
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I want to look at
LinkedIn ( NYSE:LNKD ).
I'm not sure that I've done
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any Free Chart video's on
LinkedIn ( NYSE:LNKD ), I
don't think so.
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Here's what I've been looking for
on the premium content side;
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this has been doing what I
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call a touch-and-go.
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Use the 200-day moving
averages like a reference for the
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runway.
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The stocks moving up, it's not
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in a big downdraft like that, it just
kind of starts drifting downward,
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like a plane coming in for a landing.
There's the runway,
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and what we're looking for, we're not
predicting, we are looking for it,
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is a bounce off of the 200-day moving
average
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where the stock then trends higher.
If the stock does that
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then our interpretation is that this
entire move here has been really, really
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healthy consolidation,
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we like to see this healthy
consolidation here,
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because then that frees the stock
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to move higher. Well guess what? We
haven't seen that, so this is not
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a touch-and-go, this is like
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Mayday, Mayday, let's close runway 12
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because we just got an aircraft that
crashed here.
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This stock has now broken support,
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the way it's going now, and the stock has
been in a fairly tight trading range, not
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really technically a squeeze,
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but you can see it has been fairly,
I was going to say
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un-volatile, would it be ill-volatile?
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Would it be volatility-less? The stocks
been trading
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without much volatility, how's that? The
trading ranges have been pretty narrow.
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So, with this support here, broken,
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this would be the support right
here,
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with the support broken, man, this is a
move,
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and it's a move on high-volume. This is a
move that could go a while,
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so I would not be buying this stock. Even
if the stock rallied back above 200.00, what's
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happening then?
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The stocks is just coming right back up into
resistance, that's not going to work
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for you.
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So I would just stay away from
LinkedIn ( NYSE:LNKD ),
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and frankly, for a nimble trader, I would
short this puppy right now.
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If you're not so nimble then you
want to wait for a little rally here
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first,
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and then if it rolls over then you start
shorting it. But
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the way this thing traded,
unless there's something weird
that happens
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overnight,
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I can see more selling, I can
see more selling
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at the open. I mean this
just looks like it has a lot of downside
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momentum.
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Now I'll take the other side of that
argument though, you have to be careful
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about a stock
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that is so obviously breaking support;
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it's like everybody and his brother as
long as his brother trades,
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would be looking at this and say I want
to short
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LinkedIn ( NYSE:LNKD ), I want to sell
LinkedIn ( NYSE:LNKD ).
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Now if that happens, if it were to
happen
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at the open or something, you
could get a gap down, and then the stock
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start to move higher again.
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But you have to watch for these
obvious
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trades, because if this stock does not
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continue to sell, what is that
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telling you? That's telling you that the
selling here is pretty much over,
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that's not to say that you should buy
this stock and expect new highs, but you
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can at least take the stock for a ride
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to the upside into this resistance
level, maybe $10.00 or so,
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5 percent, and then look for it
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time to roll over. The bottom line is,
right now from what I see on this,
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if you want a quote "strategy session" on
LinkedIn ( NYSE:LNKD )
I would say you just want to stay
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away,
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if you have to make a trade I would sell
it.
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By the way, always use a stop
on things like this;
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use a position
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management tool, either position size
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or a stop-loss, don't just sit there and
expect this thing
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to do what you want to do.
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