I can't possibly the only one who's had a perverse pleasure in seeing Facebook's stock slide after the much ballyhooed IPO. It's not like I wish the company bad fortune or dislike its boss, although I don't think much of Facebook as a product nor do I use it much. It's just that something so hyped and overblown seems so out of touch with reality that one doesn't want to see it take off like it's 1999, specially if one is not along for the ride.
Given the nearly daily declines of Facebook's stock, one does however wonder where the bottom of this stock really is. At the current level of $29, it probably doesn't have much further to go, give or take a couple of dollars. At the same time something tells me that the big investors are just waiting to pounce on the stock once they believe it has sufficiently deflated.
Us mortals will know where that bottom is long after it has passed, but if one can time a purchase somewhere near that bottom, chances are that it will pay off handsomely. There's probably a lot of money on the sidelines waiting to get in and when that happens the stock would snap back with a vengeance.
Forget valuations and future earnings. This one seems to be going on pure psychology right now. Hell, even I'm thinking about getting in