FB Update-Position

FB's IPO lock up period ended today, this makes FB a bit interesting again. I am going to start an equity long position at 25% of a normal position and see where it goes from there, I'd prefer calls again for another nice ride like last time, but I wan to let it simmer down. Today's volume could be very useful and FB has done EXACTLY what I suspected it would do when some of us first entered some short term longs at the start of August, it has pulled back in to a base-like formation, which is exactly what I suspected.

 Here's a "W" like base, the volume surges are in the perfect area to be accumulated with no one thinking anything but bad about this chart.

 The 5 min chart in FB tells a little different story, the first divergence some of you trades although we knew it wouldn't be a big move up because the base was too small.

 Take a look at the 15 min chart from our original long to the far left and the divergence now, that volume could be a major player in absorbing that supply, even if just for logistical reasons of needing to dump it at higher prices.

 Remember the 60 min leading positive of the first long? Look at price relative to 3C at the first trade and this possible base.

 This is what the 60 min chart looked like on our first long.

And now.

I think it's worth exploring at least on a spec. basis.