Early Buyers Trapped In Snap Inc.

Snap Inc.SNAP
shares are trading lower by $2.60 at $21.17 on Tuesday's session. Since its IPO on Thursday, which was a positive day based on its original price of $17.00), two consecutive up days have been followed by two consecutive down days.

Therefore, just about all investors, except the ones who have purchased shares above the current low of $20.84, are under water.

In fact, all of the buyers on Monday's closing and low print of the day ($23.77), have not even had a chance at a scratch as the highest price for Tuesday's session stands at $22.50.

Find support in the new issue can be tricky, as the only relevant number on the downside is the Street's original pricing at $17.00. Another concerning factor for current shareholders is declining volume since its debut on 217 million. Volume declined on Friday to 148.2 million and 72.9 million on Monday. At this time, the issue has traded 52.7 million with just over two hours remaining in the session.

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