I got out of the stock market awhile ago to focus on income property, but I still watch and may get back in if I see an attractive bottom.
Near term the market is not attractive, especially seeing stocks like this being sold at Dot COM PE valuations when the entire market is clearly crashing near term. Why should FB trade at a forward PE any higher than Google during a market crash ? It will trade down to a PE under 20 then it might look attractive. The sad thing is so many "exclusive" clients fell for Morgan Stanley pricing this IPO at a PE of 80, then all the under writers profited by selling the over allotment phantom shares at the IPO price which will eventually be delivered when they cover that short in the market at a much lower price. Huge scam. Win - Win for the banks and FB. No incentive to price the IPO fairly since the under writers make a fortune when the price plummets like this. Maybe they did not do it on purpose, or maybe they did, who knows.