This is not my week.

Deals that I like, deals that should be working, are getting priced and quickly destroyed by a market that just cannot trust itself to recognize value. I'm talking about IPOs really, but I'm going to assume that the damage will spread to the secondaries and follow-ons as well. Nothing is safe in here. Operate under that assumption and you'll be fine.

This crop of secondaries is quite ordinary and there are no comments that I can lend that will make picking winners any easier. Just keep your eyes open, watch where they are priced and hold off taking allocations until the last possible second. In short, if you don't have to trade them, don't.

Be safe.

Ben Holmes is the founder of , a Boulder, Colo.-based research boutique (now a wholly-owned subsidiary of specializing in the analysis of equity syndicate offerings. This column is not meant as investment advice; it is instead meant to provide insight into the methods of new and secondary offerings. Neither Holmes nor his firm has entered indications of interest in any of the companies discussed in this column. Holmes' This Week in IPOs column appears Sundays, This Week's Secondaries appears Tuesdays, Upcoming Lockup Expirations appears Wednesdays and The Quiet Period appears on Fridays. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Holmes appreciates your feedback at