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The Facebook (FB) IPO So Far: Buying vs $38

Scott Redler
May 18, 2012, 12:08 PM

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. 

Stay tuned.

1:00 pm Update: Here is a chart with calculated levels for Facebook (FB) after the morning trade.

*DISCLOSURES: Long FB from $38.30

Last Updated ( Friday, 18 May 2012 14:29 )