FB Plunges Beneath 'Buyback Friday' Level
|Wow, FB is now trading below the key 137.00 level, which represents the level it was trading late on that Friday afternoon of 12/07 when the company announced its $9 Billion stock share buyback.
The next downside target is 130-131, but that aside, the negative psychology associated with the underwater, failed buyback could be symbolic and systematic of the huge shift in heretofore investor embrace of financial engineering that helped drive stocks relentlessly higher during the last decade, which of course was underwritten by cheap money from the Central Banks. Last in FB is 134.14/17
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