WHY I BECAME A BIG FACEBOOK BEAR AFTER LIMP IPO
Facebook (FB) started trading today with much anticipation. Unfortunately the common place advice doomed the IPO. The IPO was priced at $38. One of the first opening indications was $45 on 18 million shares. The stock was set to open at 11:00 am ET. The opening was repeatedly delayed and opening price indication kept on falling. The common advice was to put in for 50,000 shares if an investor wanted 2,000 shares. Investors who heeded such advice got more shares than they wanted. As the opening indication was lower than bulls expected, investors simply wanted to flip. Buy orders were not