As the market continues its bath salt rally, I was able to snipe out a short yesterday; a short that dropped 4.03% today while the SPY was up 0.13%; just imagine how hard $fb can drop if everything else drops too.
My target is around the 18s now since it broke the natural 20 level and the signficant 19.82 level. Two days of above average selling, downtrending, and breaking significant levels makes this one a good short.
Institutions are selling and it tells because of the increased selling volume, so it’s time to GTFO and let them sell; let this stock bottom out before you go long. It has not proved to anyone yet that it has bottomed out yet.
Here are some screen shots of Facebook going skydiving today in the morning.
Look at that insane free fall! Facebook jumped out of a plane today and just face fucked itself. Then mid-day, some people thought it was a good idea to bid before 19 to squeeze people; pffft.. did they learn their lesson — i hope that closed another fund.
Here are pictures of the the tape, held bid, and chart at close.
someone closed their 404,444 shares. at 19.07; that doesn’t look bullish to me at all.
I do applaud them for holding the bid very aggressively at low 19s, but I think the ask will eventually win due to the fact that we have so much supply in the market now. Remember, institutions don’t just sell all of their shares in one day, they do it through a week or so, so that they don’t lose a bunch of money at one time.
I think this could be a great swing, so I’m holding onto it for now.