ZNGA Spec Long

Yesterday I closed half of ZNGA for a +43% gain with ZERO LEVERAGE, a longer term long trade I like as the former high flyers are replaced by the beaten down dogs, this has been happening since September and perhaps somewhat because of QE3.

So I like ZNGA as I told you yesterday here... However my short term feeling is that ZNGA pops once more before seeing a more substantial pullback, I'd like to close the remaining 50% position of ZNGA and look to re-enter on a pullback if it stays healthy which I think it will.

I think this is a decent trade (now) for those still holding ZNGA and even for those who are nimble, understand it's a very short term move and have time to move out quickly when the time comes.

 Long term I think ZNGA is transitioning from a stage 1 base to stage 2 mark up.

 Here's the daily 3C chart with a strong leading positive in the base area.

 Short term here's the 5 min leading positive for a short term move of maybe a day or a bit more.

I'd watch the 50-bar 5 min moving average, you want to see it just start to turn up with price moving above the average.

The same would apply for the exit, although you can always email me for a more in depth look.