The Closing Print live trading and financial blog during market hours.

Snap Chat (SNAP) debuted in trading on Thursday, listed at the New York Stock Exchange. It had priced its IPO of 200 million shares at $17 each. Shortly after the opening bell stock began trading significantly higher, eventually closing at $24.48 per share – up 44 percent on expectations.

If you are considering trading SNAP, understand there are professional traders swimming in the same water, eager to take your money. Use the 9/20ema rule and a stop based on same. Note, scroll to the 1:00 min mark to skip the advertisement. SNAP is trading slightly above the 9/20ema, at 25.35 in the pre-market, as we can see on the daily chart. A primer on the “Art of IPO trading” by Scott Redler.



SPY daily

We are anticipating a short lived pullback, as TICK cumulative shows investors and institutions are still buying as it rises. Look for support at the rising 9ema and a gap fill. Until we lose this important moving average we cannot assume we are changing trends. The most we can anticipate at this time is a pivot high.

SPY daily

We will be LIVE pre-market and for the opening bell.

Good luck today.


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