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Technology Stocks : Renren
RENN 1.650-2.9%Jun 21 5:00 PM EST
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To: Lahcim Leinad who wrote (99)6/16/2011 4:24:44 PM
From: Trader J  Read Replies (1) of 310
 
Well ... your calls have been better than mine, that's for sure. I've been trading the markets since '89 and I see patterns and psychology far more than I see individual issues. I think RENN is going to make trades a lot of money ... those that pick the right entry point(s). At sub-$7, we're getting to a point where parity has to be reached and bottom found. When that happens, there will be a momentum trade on that could easily take this back to the $11+ range or more with the right news.

But this could also be one of those Chinese reverse IPOs in which they bring the US market issue to the traders so that the major insiders can essentially unload and then leave the issue largely a shell.

I won't be taking a third position, but I will take an equally weighted second position and then wait for the momentum trade to resume.
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