So far Facebook (FB) opened at $42.05 and traded down to retest the $38 price. Weaker than expected but there was a TON of supply.
We mentioned to see how $38 holds, and after chewing through some of the green shoe down there, it bounced. Once it hit $38.30, the strategy was to BUY 38.30 vs. $38 (stop at $38).
We are now 35 minutes into trading, I will look to hold it from that level now. The second buy strategy will be to let it hold higher above $39.25, and then $42 will be the next point to clear.
1:00 pm Update: Here is a chart with calculated levels for Facebook (FB) after the morning trade.
*DISCLOSURES: Long FB from $38.30