todays action on p - change in short term outlook and overall market
huge rise today on FB earnings release with very positive mobile results presents p with very positive
sentiment going into earnings next week.
today's news on FB earnings has once again smacked shorts going into earnings report next week, and presents the possibility of a new high ( i believe temporary, but nonetheless a high) going into and after
having the chance to squeeze yet again the shorts that may have come in on the market's overall decline
gives the stock the fuel it needs to go yet higher again, if the market stabilizes here, as it appears could happen.
if the market continues to move down toward a 10% correction then after earnings once again will provide
a solid short opportunity if earnings does not point toward serious net income growth on mobile.
the caveat that exists is still the major traction autos can provide on mobile ads.
i would not be a buyer of p here, as the market looks not to be done pulling back or correcting from last year's gains, but i would not short either going into earnings, so for the moment, p becomes a sideline stock
for those not willing to lose big on the long, or short side currently.
as of yesterday i have stopped trading it altogether, with moves to the down or upside becoming now wholly
unpredictable today even on an intraday basis.
p will now have to find a new range, likely between 32, and 40.
at the moment, 40 could happen, but with market pressure, it is not likely, so i would put the top at the recent highs.
still, i would not trade p right now.