SPY technical analysis update and Zynga
December 28, 2012
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This week – Market turning potentially bearish… Technical analysis update… Zynga real money poker site…
Once again the United States stock market is hostage to the political wrangling going on in Washington D.C. I have updated my market technical analysis charts and added some relevant comments. The market is pausing and waiting on more information right now.
Zynga – Real money poker landing page launched a few days ago -
This launch shows that the company is making some progress toward their promise to produce games where people can win / lose real money. This site will serve as a test case for the platform and will only be available for users located in the United Kingdom who are over 18 years of age.
Additionally, Zynga has filed an application for a gambling license in Nevada – called “Application for a Preliminary Finding of Suitability” a process that should take about 18 months. The U.S. market could be an enormous opportunity.
The company has yet to say how much revenue the real money gambling site in the U.K. could produce but even marginal success could translate to significant gains in the U.S. market – once approved.
Zynga is a candidate for year-end tax loss selling – having gone from $15 in March 2012 to $2.35 currently. Once this incremental selling is done the stock could get a pop. I suggested acquiring a 50% allocation this week around $2.40.
Last week we discussed Reward versus Risk investing. Archived copies of the Weekend Update can be seen here -
My portfolio performance can be seen here -
RulingTheMarkets – portfolio performance
Few position updates noted below – Have a safe and happy New Year.
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