FB - relentlessly pushing upward

Despite continued moderate weakness in the broader equity market, Facebook (FB) closed another 2.7% higher @ $48.47 (peaking at a new historic high of $49.66). The mid term trend into year end looks extremely bullish, and the $60s look a viable target.


FB, daily

Summary

Since the surprisingly good earnings of late July - when FB was in the $26s, having then exploded to $34, the stock has done incredibly well.

Yes, there are occasional days when the stock will drop significantly, but the falls are very brief, and today again saw significant mainstream interest in the stock.


Year end outlook

A conservative outlook - (now that QE has been confirmed to largely continue into 2014) for the main market is sp'1750/1800, and that should allow FB to reach the mid 50s..if not the low 60s.

The really scary question is...will FB break into the $100s next year?

There is a likely IPO for Twitter, and if true bubble-hysteria does return to the social media stocks..with continued general strength in US equities, FB could be a triple digit stock....which was truly unthinkable a mere 8 weeks ago.