May 18th, 2012

children of dune - leto 1

okay, so the facebook thing was weird, right?

Today was supposed to be amazing and I'm irritable, as I have three financial hobbies; shopping for computer equipment, buying stock, and entertaining myself on slow days reading financial blogs that predict doom, doom, and doom. I had live quotes on. I was very excited about this because honestly, Facebook causes me nothing but stress and I feel it owed me an exciting day of watching people go insane over a site where you can read about other people's toenail clippings and recent convenience store robberies.

However, dude, Facebook was supposed to be like, epic - it was supposed to IPO and then immediately leap to the highest possible price (estimates $54 to $68) and also distract us from that pesky issue with the Euro and the entire country of Greece. The financial sector carried on with near-orgasmic bliss at the the third-largest IPO in U.S. history (sometimes they bolded that as well!). It also was supposed to break the market or something (there are like, graphs and everything). Definitely it was supposed to do something, make millionaires, end civilization, something

Short version of events:

IPO: $38
Opening: $42.05 (twenty minutes late, btw, thanks NASDAQ for driving us all crazy hitting refresh until our fingers hurt)
High: $45
Current: $40.01 (1:54 PM CST: Google Finance)

It also caused Zynga (creators of Farmville) to spiral hard enough to call a halt to trading here, which is weird, you'd think, the company that went public and became valuable due to its relationship with Facebook having a death spiral that again, made them call a halt to trading.

And in case you're curious, the Down, NASDAQ, and S&P 500 are all in a downward skid as well.

I've been trading since the glorious economic death spiral of 2008 since I feel as if the economy is going to make me lose money anyway, I should have the fun of losing it myself. However, this is the first time I canceled a trade (within an hour of making it) and then called my mom to cancel hes because I couldn't remember her login.

Anyone know more specifically about the market that has any theories? I've done enough reading to kind of guess at a couple of the reasons this went wrong, but I'm still honestly shocked that Facebook, the freaking social media IPO grail, failed to garner mass amounts of idiotic market hysteria and become bloated and overpriced while short sellers made fortunes.

Yahoo headlines tracks the entire slow, boring journey. I feel betrayed.

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