Facebook has to be the most overhyped and underwhelming IPO of all time. First the launch was delayed by 30 minutes. Then it barely blipped higher before retreating to the original price of $38. Then the underwriters had to jump in to buy more shares to save face. From there it floated higher for a while. Then ended the day embarrassingly close to where it started.
As for my prediction of a bounce coming, it seems to be according to plan. Here again is my previous commentary on the matter:
“I bet that the market bounces higher on Friday morning. Yet as the day progresses it starts turning south once again. And as hope goes out the window THAT is the time to cover your shorts and go a bit more long for a likely 2-3% bounce next week.”Well the hope going out the window part certainly took place. Now let’s see if the bounce ensues.
Executive VP, Zacks Investment Research