18 May 2012

SP 500 and NDX Futures Daily Charts - Facebook Face Plant

The Commencement Address That Won’t Be Given
By Robert Reich
Friday, May 18, 2012

Members of the Class of 2012,

As a former secretary of labor and current professor, I feel I owe it to you to tell you the truth about the pieces of parchment you’re picking up today.

You’re f*cked...

Read the rest here.

Facebook closed largely unchanged from the IPO price after an initial pop up to 42. On the first day of trade the underwriters are obligated to support the IPO price. Let's see how it does on Monday.  They seemed to be eating a lot of High Frequency Inventory into the close.

As a point of order, Facebook really went quietly IPO about a year or so at $15, and was being traded on 'private exchanges.' Today was its general public IPO.

NASDAQ blew the open of trade on Facebook in several ways. The NYSE was touting their human backup systems in response.

I think Bernanke will wait until the market is begging before he throws them the next QE bone.

See you Sunday evening.