Facebook (Meta)

[tsptalk]

Looks like a short-able bounce in FB this morning. As long as it stays below 46 - 47.

 

[tsptalk]

I think we saw the "TSLA Fake-out" on Facebook yesterday after a rumor surfaced that FB was going to be added to the S&P 500 index. Turned out to not be true. The charts look very similar before the TSLA breakdown. The TSLA breakdown came as a result of earnings so Facebook may not act as quickly and violently.

Remember the Head and shoulders breakdown patterns?...

 

[tsptalk]

FB is currently trading at 48.79. I was stopped out on Friday at 49.01. Bad trade.

Looks like it wants to at least test the middle of the H&S head into the low 50's.

 

[tsptalk]

... Facebook yesterday after a rumor surfaced that FB was going to be added to the S&P 500 index. Turned out to not be true.

A little follow up: It looks like Facebook is indeed going to be added to the S&P 500 after the close on Friday Dec 20.

That explains the recent pop, and it was real, but I wonder if we'll see a sell the news reaction on Dec 23? I don't know if I'll short it yet, but we may be seeing a clear H&S test of the head. I'll play it by ear.

 

[tsptalk]

Hmm, is it time to buy Facebook again? Double bottom at 150? Stop below $145?

 

[Bullitt]

Long overdue declining trend breakout.

 

[tsptalk]

Hindsight is....

Bear flag breakdown below the 200-day EMA.

 

[Bullitt]

The breakout from the downtrend resulted in a 30% gain to the top, maybe 20% if a stop was in around the 50 DMA so not the worst call. Not a fan of the company at all, but since it's all about FANG stocks, a breakdown in one isn't good news.

Support at around 305.

 

[tsptalk]

MVRS, Facebook’s New Ticker Symbol, Leaves FAANG in Flux

Social-network company plans to trade in FB for MVRS. Is it MAANG now?

“Wait - does this mean we have to start saying MAANG instead of FAANG now??” tweeted one user.

https://www.wsj.com/articles/facebo...16lrjxneyyx&reflink=desktopwebshare_permalink

 

[Bullitt]

MVRS. When I first heard that I thought it was some new virus.

 

[tsptalk]

Facebook shares plunge 18% on weak earnings, big forecast miss

https://www.cnbc.com/2022/02/02/facebook-parent-meta-fb-q4-2021-earnings.html

FB
-70.60 (-21.86%)
After Hours

 

[Bullitt]

Down to January 2021 levels. "declining daily users." Call me old school, but something is wrong when 100% of US retirements are overly dependent on the earnings of a company that sees a future in people interacting as cartoon characters

 

[Epic]

I've never ever understood where FB seems to think that it's inventing the Metaverse. The Metaverse already exists. It's out there and some very talented people make an extremely good living through it. One of the founders of SineSpace (Adam) had "Sinewave Entertainment" in Second Life selling MOCAP Animations, and was making 7 figures a year. When Zuck comes along and insinuates that he's creating the Metaverse.........well, that's just ridiculous. It's an outright lie.

 

[bmneveu]

This company is a money printing machine. Down 25% right now sounds like a deal to me.

 

[Bullitt]

Agree on the money printing due to it's addictiveness. The whole entire goal of this company is to keep you scrolling, that's why the best way to win is to not even have an account.

However, the ability to print money like it did in the past is going away thanks to the monopoly Apple holds on the smart phone world. Apple doesn't want anyone but Apple making money on ads if you're using their hardware. Google is already trying to force through an alternative to cookies that would only benefit Google and who knows how this would affect Android.

It's a play on the metaverse at this point, but everyone knows that. The question is how excited will people be when the COVID restrictions end? Restrictions have largely lessened and we're seeing via other companies (TDOC, PTON, ETSY, SHOP, ZM....) that once people can get again, there's much more to explore in the real world than behind a screen.

 

[nnuut]

I quit Facebook over a year ago a good move!

 

[DreamboatAnnie]

Bullitt and Nnuut, I Couldn't agree more. I despise Facebook! No account is the way to go!

 

[DreamboatAnnie]

Agree. I also believe their renaming themselves is a marketing ploy due to all the negative news Facebook has received in last couple years!

I've never ever understood where FB seems to think that it's inventing the Metaverse. The Metaverse already exists. It's out there and some very talented people make an extremely good living through it. One of the founders of SineSpace (Adam) had "Sinewave Entertainment" in Second Life selling MOCAP Animations, and was making 7 figures a year. When Zuck comes along and insinuates that he's creating the Metaverse.........well, that's just ridiculous. It's an outright lie.

 

[Epic]

I'm going back to MYSPACE where all the cool kids hang out, and you won't find your Mom lurking around trying to friend you all the time........YUK
Ha ha .... but seriously, I never used FB but I now have a couple bogus accounts just so I can access Marketplace. I do Motorcycle design and fabrication, and there's some good deals out there if you look hard enough. Tanks, Fenders, Project bikes, etc.

 

[tsptalk]

I also believe their renaming themselves is a marketing ploy due to all the negative news Facebook has received in last couple years!

I made this joke in another thread, but I can't help myself...

They (FB / Meta) are changing their name again. This time to Face-Plant.