This morning I mentioned to our traders that AKAM was in unchartered territory. The next long term resistance level was around $40. I also said the gap up was fairly large so I offered that it might take a few days to get to the 40 level. Wrong!!

AKAM delivers content over the internet. The explosion of mobile broadband is a boon to their business. Every growth and momo manager needs to bet more exposure to this name. It should be traded strictly on the long side.

After its powerful opening drive today sellers came in below 38.50 and continued to sell consistently all the way down to the 38 level. When it began holding below 38 I got short. The tape was showing me weakness. In fact, it had a couple of decent down moves that I made some money in. But I never should have made the trade. This was a strong stock gapping up on very good news. It was unlike QCOM and AIG that had recently gapped DOWN and then showed clear resistance levels. They were good short candidates.

Not trading AKAM stricly on the long side today cost me a few thousand dollars. I’ll get over it but I certainly won’t EVER make this trade again.