I really took it on the chin buying RENN for a sympathy trade with FB for the IPO. It looked like it was working fine early on but kept dropping throughout the day. Wow that was VERY painful. I could have easily halved my losses by selling early on but "Who knew". WOW.
I think FB may drift down just on valuation for the next few weeks. Does that mean that RENN is over? I thought we may get a 5% move up but never saw the 21% move down coming. WOW.
I am not sure I ever bought a stock that fell 21% the next day. That is crazy. I am trying to examine how I could have turned the buy into a sell but I would have to think FB would trade at the IPO price of $38 the first day. WOW! I was not even thinking this could happen until later next week. No real pop? Hum. I got suckered again big time.
Stated another way - if you are long on RENN then this is a huge buying opportunity. If you are a short/negative player then the money was made and feel free to vent out how well you did here because you have no friends anywhere else :o)
You must be new to the markets. The sympathy plays always get killed as soon as the issue that it is playing in sympathy with opens. You are not going to want to hear this, but if you do your research, I think you will find that it could take several years to hit the sympathy play highs. That is if it hits it at all.