Warning: Following my trades may be hazardous to your financial health. See Disclaimer.

Friday, May 11, 2012

ZNGA - Where's The Next Bounce?

It's a falling knife. Unfortunately, I have 200 shares of it.  Story plays (where one just "likes" the company) rarely worked for me (hint: PALM, AONE, CROX, etc. from my own past woes).  ZNGA is ocial networking, gaming, Facebook, ...etc.  It's hard to imagine, especially with Facebook going IP next week, that it's taken to the woodshed like this.  But market doesn't lie. It is what it is.  I don't intend to average down - that's a good rule to follow - but I intend to "trade around" at pivot points to improve my cost basis.

ZNGA has really lost all support.  The next level I can conjure up is the 7.11 target based on the daily chart, or 7.18 target based on the 60 minute chart.  Let's just wait and see.

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