I tell you this market is ruthless if you are not an active trader - it is impossible to buy and hold even the best stories. Cisco is whacking the entire networking sector and even stocks that surged on great earnings reports are being punished. Riverbed Technology (RVBD) has now given back its entire post earnings surge and "filled the gap".
I had an outstanding limit order to buy 2000 @ $32.00 that I entered solely as a "gap play" - so in theory I should be long this name, but we'll have to see if there is enough volume at that price (or lower) for it to execute in Investopedia. EDIT 10:00 AM - indeed my gap fill order filled and the price was $31.70
Speaking of gaps we now have an UPSIDE gap to fill on the S&P 500... let's see when those dip buyers show up. The better place to short the index will be when this morning gap gets filled... it might happen quite soon.
p.s. resource stocks are actually holding up well thus far - especially the agricultural complex.
Long Riverbed Technology in fund; no personal position
Thursday, August 12, 2010
Riverbed Technology (RVBD) Fills Its Gap
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