An oversold market becomes slightly more so as “investors pull out” intraday and square off with key support on more of the same ol’ storyline, plus one fresh face of notice. As of 12:30 ET the SP-500 is (SPY) is flat after a bit more “sell in May” agitation leaves a few more bulls to “go away” on this third Friday of the month.
“The Facebook” (FB) IPO is trading and up about 9.50% over its $16.0B price of $38 a share. In just more than an hour’s time since the closely-watched and most expensive internet IPO began trading, roughly 70% of its float or about 270 million shares have changed hands in the most social, if not competitive of arenas in the market today. Further over-the-top coverage,... [Read More]
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