3 I covered $FB from my 21.70 entry yesterday for minor profits and then tried to short it again but lost the profts, so i either went flat or loss some coins. No need to mind that, it was a dumb mistake b/c I was partying and was stupid enough to not leave so that I can come back and sleep to wake up for the markets. Dumb mistake, but it was only a small price; stupid, but a small price.
Anyway, I initiated a short against the 20 level today when I saw weakness on the level 2 b/c i was trading on the ipad.
At first the level 2 was showing me that FB was leaking below 20, so to me the ask was more aggressive than the bid; therefore, i opened a position to short. Then it bounced off of it, but it did not go too high, so i kept my shares, and it came back; if i were a baller, I should have been more aggressive and shorted more with a stop of the highs of that bounce. Oh well, it was still a good short entry.
Towards the close, I saw a lot of sellers that just dropped their shares.
I think people were hitting the bids when they were shorting or selling.
Just look at the selling volume today, it was huge and obviously institutions sold their shares today instead of averaging down to buy more; so that probably means more selling pressure to come in the near future.
WSJ did a public poll on whether you’d buy, hold, or sell.
Obviously the public doesn’t want to touch this junk either; so there should not be much demand for this stock.
FB down 6.27% today, no bueno.
3 Responses to “Initiated a short against the 20 on $fb”
kneelb4me
huh, it didn’t add the hyperlink for the WSJ, but here it is: http://blogs.wsj.com/marketbeat/2012/08/16/facebook-below-20-is-it-a-buy/
Yogi & Boo Boo
Sold to me. Nice. Thank you.
kneelb4me
No problem; what was your buy entry?