Facebook – The Close

With all of the hype and fanfare one could conjure up, in the end, Facebook finished just about where it opened, $38.   No individual investors became rich today and perhaps that is what the market needed, a dose of reality.  I like to think that the reason the stock never hit $80 was because it shouldn’t have hit $80.  It appears that sensibility won out over giddy optimism.  One disturbing point of the day came right before the close when it was clear that the stock wanted to move lower than $38 but because  of the support of the underwriters it never did drop below that pschologiaclly significant number.  It’s not that I wanted it to drop, but I don’t appreciate the stock being artificially supported, and make no mistake, that’s what happened.  Will the stock take off next week?  No one is really sure despite all of the expert opinions out there.  Stay tuned.

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