FB Update

The FB 3C action is not surprising at ALL, this is why I mentioned taking "some" profits on the early opening move and look to add back those shares at lower levels. Smart money IS NOT chasing FB higher, smart money has been in FB for a while as we have seen and know. This is short covering and profit taking, smart money will likely wait for FB to settle down, for the shorts and weak hands to move out before it makes another big move higher.

I only need 2 charts to update FB

 The 2 min is showing a negative divergence on today's move higher, other intraday timeframes are negative as well, this is not anything that I worry about, it is what I would expect to see.

This is smart money, they were in long before this move higher and they certainly can't move out of a position this large in 1 day so I do expect additional upside in FB, it will just need some time to shake lose the short covering and weak long hands.

Our longer term expectations for FB is going better than even I imagined. In my opinion, FB remains a longer term trade, not quite an investment, but not a trading stock either, this is one I opened and put away and have not been hung up at all in any moves up or down either intraday or over a period of days or weeks, the longer term charts are there, that's where my interest is as I said yesterday.