Facebook Breaks $29.00!

Earlier in the day, we noted that Facebook was weak once again and that if the stock broke through the $30.00 level it could lead to a washout. That is exactly what has happened as the trading day has progressed, and FB has now broken through the $29.00 level on the downside. At last check, FB had fallen 9.21% to $28.97 on the session. The much hyped IPO has been a flop, falling dramatically from its $38.00 deal price. Judging by the trading activity in the name, some degree of panic has set in among FB investors. At some price the stock will find support, but at its current valuation of $62 billion, investors continue to be wary.