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FB – #DeleteFacebook…

Admittedly, Facebook (FB) took it on the chin this week, but when the broad market gets destroyed to the tune of 75 /ES handles and this stock hardly moves off the prior day’s close, it is a reminder of the type of sick injustice the stock market loves to serve up as often as possible. If there was any company that deserves to trade to zero, it is this one. Whatever you might think of the actor James Woods, he summed up FB best.

Yesterday, our short in FB was stopped out at a little better than break even, but another short opportunity may become available in this loathesome company as early as today. Please observe the chart below.

FB has found support in the range between 173.50 and 163.00. A great deal of volume has gone off there. Perhaps these are buyers thinking how lucky they are to buy the stock lower or maybe institutions are off loading before they let FB dump again. Either way, a break of the four day triangle to the downside will trigger our entry alert.  The troubles for FB and its executives are far from over IMHO.

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The full version of this article appears in the ShadowTraderPro Swing Trader newsletter which is published daily. The Swing Trader newsletter delivers value to its followers on multiple levels. The newsletter stands alone as either a purely informational vehicle for those who like to find and trade their own setups, or as a daily resource for trade ideas. These ideas are listed in the Bulls & Bears section and may also be traded live via MyTrade alert by our team. Each day’s edition contains commentary on either the broad market or a particular stock in focus (Looking Ahead), a heads up on upcoming economic and corporate data, and a look Under the Hood, listing what happened with market internals in the previous day’s session, along with /ES Pivots and Market Profile levels for the current day. The newsletter is sent out at night assuring that users have ample time in the morning to digest the information regardless of how early they get up!
Dovetailing with the newsletter are specific trade recommendations via MyTrade which are sent out as we find them. Long/short equity trades are generally concentrated on issues showing extreme relative strength or weakness to the market. Selections are further narrowed by volume convergence/divergence, sector analysis, and technical events such as candlestick patterns and trendline reversals. ShadowTraderPro uses both daily and weekly charts to scan for short to medium term swing trading opportunities with a time horizon of 2 days to 4 weeks. Clients will receive detailed posts for each and every trade entry and exit, clearly explaining the technical analysis behind each move, including any changes to stops or targets. These trades get added to the ShadowTrader Pro Model Portfolio, which is updated nightly and included in each day’s edition of the Swing Trader.


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