The most hated stock in the market perhaps is making fools of a lot of shorts, we've seen some additional upside as FB has taken out another level of resistance, ultimately I think FB has a much bigger move coming, although I'm not fond of the stock on a primary trend basis. I'm still remaining patient and waiting for a pullback opportunity. In retrospect I should have had a July call that I still would have closed at the profit at was closed at on Friday (you only know what you know at the time and 3C isn't a crystal ball that could have predicted the ECB easing chatter Friday afternoon after I closed the July call at a decent profit).
Here's what FB looks like now, I'm guessing FB will run in to some head winds as market support gives way (if the Euro near term pullback charts are the path of highest probability over the next day or few).
FB volume spike on a break above resistance and another level just breached, this is an important level so FB consolidating here would not be strange as this is more or less the divide that marks the base from stage 2 mark up.
Intraday the break of the second resistance level didn't do much as far as short covering or any buyers coming in to the stock (it seems there are very few as sentiment has been very sour on FB).
The 1 min chart has been consistent today, it appears as if near term market maker action suggest selling in to this move, but this is only intraday, this doesn't change anything about the longer term VERY positive 3C trends.
The 5 min chart also is not confirming the new high today in FB.
It's about time to take a look at risk assets, that may also help with timing on several other trades we have an interest in, like FXI/FXP, GOOG, FB, etc.
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