FB, daily
Summary
The over hyped and grossly over-valued FB saw one of the biggest declines since late September. The break into the 27s certainly opened up the big $30, but..FB just couldn't make it. Despite ten days of trying, it looks like FB is exhausted, and is now beginning a down cycle.
Targets?
First target is the 50 day MA, a touch under $23. If I am correct about the indexes - with sp' low 1200s in early January, then FB in the 22/20 zone seems very viable.
Only with a break above the recent 27/28 highs, could I again consider FB breaking into the 30s. After today's decline, that just doesn't look likely this side of Christmas.
Fair value remains $4, but as things are in this crazy market, that now seems unlikely until the tail end of 2013.
I remain short FB, and seeking an exit around $22/20 in January.
