ZNGA originally fell from the $12 area due to insider selling (release from lockup period for the sake of more orderly distribution of shares) even though this was announced well in advance. This also led to a large increase in float.
12% of FB revenue according to recent statements by FB itself.
Recent drop perhaps attributable to comments by EA CEO that ZNGA paid too much for OMGPOP which briefly had the #1 mobile game drawsomething, which lost 5 mil. users last month.
Goldman-Sachs picked up 6 mil. shares last week when the closing price was 8.34. This well after first Q earnings were reported.
Many say the FB IPO is already priced in. I think human behavior speaks otherwise - like Lucy and Charlie Brown with the football people always get over excited, esp. w/ a company like FB. I mean it already has the story built into it. It might be a good candidate for shorting AFTER the IPO. Regardless SI just increased actually.
Okay, a bounce yes, but don't overstay the long side, imo.
Using the NYA volume you can see that the the SPX came well into the bar of March 6th and printed a nice hammer but it was on heavier volume,9.0 vs 8.8. It did not test the low of the 6th but is far into the bar which tells me it'll be back down there to test 1340.03.
bounced so clean off 1349 on the charts - plus all the elliot wave nuts were talking about how they wanted a lower low for a 5th wave - I think this kicks off the run that could mark the top with the facebook IPO - guess we will see - bought a slug of SPY calls in the dark hour this morning - did not get filled on more SKUL at 13.20 - oh well ...