I am seeing post after post here about buy Facebook, why? What am I missing? Oversold, yes, but not oversold enough!!! Support, where other than FIB 1.6 I see $210-220 possible support if not much lower. It should have sold off further Friday but AMZN's bogus numbers threw the market a lifeline, in addition to market makers manipulating price for options expiration. Take out the $11b of Rivin on AMZN numbers and the report was atrocious. This market reminds me of 2008, which I was actively shorting stocks through and I believe we have begin a bear market which is ripe with violent rallies and drops, what fools are chasing SNAP up 60% and buying trash like HOOD!?? Good luck everyone I will watch for a much steeper drop on FB before purchasing calls. The stock should have dropped Friday further and again Monday, it's not normal to fall $80 then .60 cents. It's a trap! If we are indeed in a bear market this is a bull trap here. I have bought many oversold stocks and this one is not oversold enough to offset the risk of catching a falling knife.
Trade active:
It looks like FB bounced off support today so I purchased 30 Mar 4th $225 calls. GL