So how high will this go? I expect there will be lots of volatility given the surrounding tax issues. I say it opens at $42.00 and closes at $29.00.
This IPO will probably have the same 1st day chart pattern as the MA and NMX. Get in 10 sec. after the open and keep one foot in the doorway to get out ultra fast. Good luck to all! Akuma
Meanwhile, Reps. Dennis Kucinich of Ohio and Henry Waxman of California asked the Securities and Exchange Commission late Thursday to delay the offering, though their requests apparently [[[[[[[[[[[[[[[[went unanswered]]]]]]]]]]]]]]]]]]]]]]] Blackstone reaffirmed in a regulatory filing Thursday that taxing the firm as a financial company at a 35 percent rate would cause its earnings to falter. The buyout shop, like other partnerships, is taxed at a 15 percent rate. http://biz.yahoo.com/ap/070621/blackstone_ipo.html?.v=33
the risk is China uses its reserves to goose the futures through Wallstreet intermediaries, to pump up the price.
Here is a 10 minute chart of FIG (fortress ipo). You had only a few minutes to get in and out on the long side. I will be watching for a failure pattern.
You had no time. Two traders at my firm, who made between 9 and 20 points on 100 shares of NMX respectively, buying it after the first few prints (once it had run several points), thought they had learned their lesson: don't wait to see if the second print is higher than the opening print, just buy with a market-on-open order, and don't buy 100 shares... buy 1000. They were filled on the first print at 35... the next print was a point lower, and they marketed out and lost a point and a half. After that, there were some buying opportunities... but it was very difficult, until later in the day. After having a 4 point range, the chart looked really flat and dull - such that most daytraders probably ignored it. What they didn't realize was that it had intraday support which held extremely well - I think it was at $33 or $32 - and the guys at my firm were able to make back the money they lost and then some by taking 3000 share positions and flipping it repeatedly for 15-30 cent profits; it was just institutions swapping blocks, but it was easy money. If the initial pop in bx is less than spectacular and the stupid 60 day no-shorting rule makes the action effectively unplayable, see if institutions hold strong support later in the afternoon... that's the play I'll be looking for, anyway.
i have a feeling its going to fly like BIDU. nothing else has had the runup in peoples heads like this one, really even more so than BIDU.