Yah, I thought the same thing a year ago, when Facebook was priced. This can go down, and once the silliness settles down, it will go down. This is a short squeeze, pure and simple. Now a new army of shorts will march in and lay down their money. If you are long, this is the TOP. Take your winnings and run!
I am just starting my short position and pray that it pops today, so I can get my teeth into it. It will take a few months, maybe longer, but this price will eventually come back to reality.
What you say is true, let it rally first. As crazy as FB was, MS did prop it up successfully that first day. Today is Day 1.
I also covered my short in the AM, I suspect dtrader was my competition for those precious 6 am shares. Seems I covered high price wise but w/e. I want to re-open my short at a higher price, this si a loaded freight train today.
My position is neutral until we get closer to that $100 mark, I believe its going to happen regardless of logic, reason, or even common sense.