FB Plunges Beneath 'Buyback Friday' Level

Mike Paulenoff MPtrader

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

Author

Mike Paulenoff

MPtrader

Michael Paulenoff has been a student of and a participant in the world financial markets for the past 26 years, since his graduation from the Georgetown University School of Foreign Service in 1979.

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