As far as FB goes I did a long a few months back when the stock was getting pounded and destroyed in the media, but there was a pretty darn obvious uptrend and the stock stopped selling off on bad news. This time it havent happened yet. I'm waiting for a low risk setup like that again. Key to these momentum plays is use trailing stops and not fight the momentum
I have FB on my watch list also. Since there are so many underwater longs, I think this could end with a high volume capitulation bottom. So, I'd look to get long when there is a nasty down week from new lows, ending with 1-3 days of monster selling on huge volume and large daily % losses. FB is a quasi-monopoly growth stock with high returns on capital, so once the low is in, it could quite easily begin a multi-year bull market. $50 or even $100 is quite feasible as a long-term price target over several years. So if the lows occur at say $15 or $10, that is a very attractive potential setup.
FB looks like is putting a bottom based on praetorian old 'great new pattern'. I started to scale in here after $20 breakout
I don't know, the last 2 days of last week had the highest volume since the IPO and the day after the IPO. There could be a super bottom like that but I'd suspect some kind of news catalyst would be needed. If the stock is not strong tomorrow I will probably get out though
I should point out that the difference between JCP and FB for my own trading is that I believe JCP has good fundamentals for the long-run, could be a multi bagger whereas with FB, I don't have much confidence what its going to happen with their business. Just trying to play a contrarian bounce there, I MIGHT hold for the long-term as a speculation that the hype will come back at some point but I'm not sure
Now Thiel is selling almost all of his FB shares (no doubt to prop up Clarium ). FB isn't reacting to the news. I'm stepping back into the stock pre-market at $19.90. I still believe this puppy is headed lower long-term, but like it for a pop here.