FB Update

Friday I closed the July Calls in FB because at the time it looked like a pullback was coming, later in the afternoon news broke that the ECB may consider a rate cut (more of the Central bank chatter over the Greek elections should Syriza have won), this sent the entire market moving up on easing hopes. I also said that had I had a long position in FB, I would have held, but with the leveraged position in the options model portfolio, I preferred to take profits and re-establish a new position on a pullback.

The bottom line is I'm going to be patient as I had hoped to buy some more FB (speculative long) on a pullback...

The FB charts now...

 FB breaking above resistance this morning, but coming in to another resistance area as the move has been very parabolic this a.m. and I rarely trust parabolic moves to hold, especially in a.m. trade.

 This is the reason I like FB, the 60 min chart going from confirmation of the downtrend to a huge positive leading divergence in 3C on an important timeframe.

 This is Friday's negative divergence and then FB jumping back in line with 3C on a move higher after the ECB news hit the market.

 Here's this morning's move, it looks a bit too parabolic for me, I suspect it will pullback and I'll be patient for a bit before chasing FB here.

 The 5 min chart closed Friday at what was a negative divergence, but I suspected the end of day move was so fast that the 5 min just didn't have time to catch up, it seems it has this a.m. and is in line or trend confirmation, but....

 Today's 1 min chart is already showing signs of a negative intraday divergence on this a.m.'s run.

 The intraday negative divergence hasn't made it to the 2 min chart yet, I suspect it will.

The X-over screen to avoid false crossovers also shows the area in which I'm looking for a pullback, somewhere around the yellow 10 bar and blue 22 bar 60 min moving averages.

Patience is the word for me this a.m., even if FB doesn't pullback soon, the 60 min chart is so impressive I believe the FB gains have barely started.