I'm just curious... as I the only person on here who trades FIG (Fortress Investment Group) nearly every day, or are there other people out there who actually consistently daytrade it (and make money)?
My take on the Blackstone IPO was to short FIG Friday. Made money on the trade, although I would have done great had I gotten my initial fill near the open. Figured the scarcity value of FIG would be reduced by 50% ...the universe of pure play PE firms doubles and should suck dollars out of FIG into BX. Incidentally, I made out with BX by hotkeying the bid then the offer in the mayhem after the first sale. Held positions for seconds at a time. The old "picking up nickels and dimes in front of a freight train". All in all it worked Friday. FIG isn't thick enough to trade for my intraday strategy, although I monitor it and take a stab here and there.
I watch the prints, open book, and level II. I play off intraday support/resistance, and mostly try to figure out if there's a buyer/seller and try to go with the trend as long as I can on as much size as I can stomach.