Lazy Trade Long & Short: GRPN & INVN
It's great to be back today after being away for two-days (a rarity for me).
Two new positions today and they make up today's daily lazy trades to the long and short side. In both trades I'm placing a heavy emphasis on support and resistance, and looking for where key levels that have held of late in conjunction with current market action.
The first one is a long position in Groupon (GRPN) which seems to be basing nicely above the 20-day moving average with a developing trend-line off of the stock's all-time lows. I'm long at $4.88.
The other is Invensense (INVN) which created a nice double top, confirmed the pattern and is now basing just a shade below the neckline of that pattern. I'm short at $12.14. HERE'S TODAY'S LONG AND SHORT LAZY TRADES.