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I'm Dan Fitzpatrick at StockMarketMentor.com and OptionMarketMentor.com
too; why aren't you over there?
Look, Facebook ( $FB Facebook Inc ), you know I talked about this over the weekend noting that
there were
really two ways that we could trade this and it looks to me like one
of our ways is working, the other way is not going to work; and that is
if you're thinking that the stocks just going to continue to break out that
didn't happen, it actually gapped up slightly
this morning, right up to this prior resistance level and sold off again.
Now I'm not a big Facebook ( $FB Facebook Inc ) freak, in fact I don't even have an account,
I used to but I deactivated it because it was kind of creepy.
So I'm not fixated on this stock but a lot of other people are and so what I
want to do is, I'll track this for a bit.
My suggestion is, stand aside, wait, let the stock come in, the fact that it fell
today,
almost three percent,
on a massively strong day in the market, very, very,
you know very, very good breadth where every single Dow component was up, that's a
strong market.
I would not be buying this stock right now, I'd want to wait until I saw
either an opportune buy point,
which would be
right down here around the 50-day moving average, or a blow out to the up
side;
but my sense is, because of this weakness today, I think you can be careful, I
think you can stand aside on this one, let this thing fall to a lower level
before you consider taking it and even then, look, it's still in the base here,
you know, it definitely is, today it could have been a different story if it broke out,
but it didn't,
and so it's just in one long base here, so I think you can be patient here, you
don't risk
missing the chance to buy this stock, this could hang around for a while.
That's it for this video. Members get over to the Strategy
Session;
we're looking at twenty-one different stocks, actually as I
look at my list, twenty-two, including the ETFs and there's a lot of stuff
that's working so let's get to it.