The Facebook IPO began today, sparking an attempted rally despite what seems to be constant selloffs regardless of the numerous attempts by Rothshill Dimon to explain away his “run of the mill” multi billion dollar trading losses are nothing to worry about, except when they keep getting larger than reported, but that’s still ok because he’s on top of it!
Even non “bear oriented” blogs are now saying that Facebook is way overvalued, with many others indicating the trap that is buying Facebook stock. Increasing numbers of people are realizing that the modern market where “investors” put their money are nothing but elaborate ponzi schemes perpetuated by a few people who consistently suck out and steal the wealth of other people to further their own interests. Whereas before, every single crash was remedied and picked up by the taxpayer and regular citizen, this time is drastically different as the citizen refuses to pick up the slack and bad bets made by our “elite”.
Yes, Facebook spies on you and gives the information or shares it openly with the government. Yes, Zuckerberg has links to the secret handshaking families that seem to always make it. Yes, Facebook will have “good fundamentals” because all the salespeople that are called analysts will pump it up because they need your money to fuel their next big thing, but it’s not supposed to benefit you. In other words, don’t fuel the fire, don’t put your money in Facebook.
On a “normal” market day we would find a big green stock market with lots of stocks going higher because of the excitement surrounding Facebook and the arrival of social media on Wall Street – a new buzz. However, the script has changed because the people want a new director, new actors, new script and a new movie altogether.
Expect to see Facebook to go lower than it’s initial price of $38, and soon. Also, expect the market to sell off harshly day after day as the Euro collapses. Do not fall for the temporary three card monty game just formed on the street that they call the Facebook IPO.
For those that want a more technical market spin on Facebook, follow Zerohedge, who is really getting the feel for this crisis, tick by tick almost.