RenRen below IPO offer price.

"RenRen" in mandarin means every people.
Renren Inc,is listed under Technology sector in the American Depository. It was an Internet Information Providers.
Renren Inc. operates a social networking Internet platform in China. Its platform enables users to connect and communicate with each other; share information and user-generated content; play online games; listen to music; and shop for deals. Other social commerce site; Nuomi.com, a social Q&A Website focused on the auto industry; Game.renren.com, an online games center;and Jingwei.com, a professional and business SNS Website.
It also develops and operates Web-based games.
The company was formerly known as Oak Pacific Interactive and changed its name to Renren Inc. in December 2010. The company was founded in 2005 registered as xionei.com and is headquartered at Jing An Center in Beijing, China.
The company's founder and chairman CEO is Mr. Joseph Chen ,aged 41.
On the 4th of May 2011,the company announced that it has priced its initial public offering of 53,100,000 American depositary shares ("ADSs"), each representing three Class A ordinary shares of the Company, at US$14.00 per ADS, with a total offering size of US$743.4 million, assuming no exercise of the over-allotment option by the underwriters. The ADSs will begin trading on the New York Stock Exchange on May 4, 2011 under the symbol "RENN."
Upon listing its shares price surged 28.6 percent in their debut.
Renren's offering comes amid a grab for hot social media companies, including Twitter, Facebook, Groupon and Zynga, which are propped up by multibillion-dollar valuations of their shares trading on the secondary markets.
High valuations for other social networking companies, combined with the fact China is the world's biggest Internet market, were expected to help Renren attract investors.
Investors in Renren seemed to brush aside recent concerns dogging the company, including questions about its internal financial controls, the resignation of its audit committee chairman and the tight control and censorship of the Chinese government. If Renren fails to comply with Chinese government Internet regulations, its websites could be shut down, according to the risk factors section of its prospectus.
According to the revised filing, Renren's monthly unique log-in user base grew by only 5 million, or 19 percent, in the first quarter of 2011 -- not the 7 million, or 29 percent, it previously reported.Could this be the reason for the dismal performance of its share prices due to misleading reporting for the sake of jacking up the IPO price?
Renren had net revenue of $76.5 million in 2010 and about 117 million activated users as of March 31, 2011. It had about 31 million monthly unique log-in users in March 2011.
Last Friday's closing price is a bearish spinning doji.The bears are in full control of this counter and any sign of retracement will be met with hammering.
For the month of June,it's already a confirm bear so no point buying at the moment.Maybe towards the end of the month when the whole scenerio stabilizes,one can move in.
Better be safe than be sorry.Sometimes when it's cheap we tend to buy not being aware of the timing,but when the price goes down further we might got panic and will liquidate the moment there's slight premium from our cost or maybe cut-loss.There is no difference whether one buy at a lower or higher price if the timing is right.
Triple Witching Day of the Dow on 17/6/11.
Economic Calender:Consumer Sentiment,Leading Indicators.
Asian markets Index Future Expiry:9 market days to go.

9:30am:--Very bullish 80.0 points opening gap up.
10:30am:--Hourly high,bearish pullback with shooting stars.
11:30am:--Bearish Harami.
12:30noon:--Triple witching stars near the morning session MAV support line.
1:30pm:--Pullback to near days low,a morning star in the offing.
2:30pm:--MAV resistance line breakout.A sudden unhealthy spike touch the bull pivot resistance to be met with a bearish engulfing.
3:30pm:--A double intraday support at the bearish pivot support line.
4:00pm:--A bearish techincal weekend pullback.
A disastrous Triple Witching month for the Dow Index.I presume this must be the half yearly window-dressing to spruce up new positions for the next onslaught.
There were two bullish inverted hammer short covering Wednesday's giant pullback.
Moody's again warned that it may downgrade its ratings on France's three largest banks because of their exposure to the Greek economy.Hopefully the market will go against the mood.
Another event which ought to be noted is during mid-September when the presidential bankers held their annual retreat at Jacksonville.From past records,a week before this meeting a market crash is imminent contrary to the anniversary of the October crash.