Sam, I was prepared to pay up to $15 for ATHM. I was not expecting that crazy $25 open. Too bad you can't short an IPO. :)
I foolishly went in at a point where I thought I could scalp a buck, but wound up with a small loss instead. Fortunately, I weaseled-out just in time before the closing slide. I would have been OK if I'd shortened my "wait 1 hour" rule just a bit. 18 1/2 was a nifty entry point for a quick 1 1/2 point scalp ( OK, my definition of a "scap" is different from that of most...), but I waited too long and got in higher.
Still holding HLIT into next week's earnings. Concensus here (as well as a comment in Infrastructure) is that it's always wise to be out of HLIT by earnings, though. Of course, there is always the exception that proves the rule.
Buying HLIT at the time that the IPO hit would have been a great scalping play, BTW. There was plenty of time to get in.
OK, enough excitement for a while. No more IPOs for me, as somebody was quoted in one of the ATHM stories "what is there left, after ATHM?" This was The Big Kahuna. Nice if you were on the inside. |
