10am update - awaiting the hysteria to be listed

I knew it was coming, but even I'm surprised at just how insane the blanket coverage about the Facebook IPO is this morning on the various clown channels. If ever there was a case of public hysteria, then this morning is the finest example for the financial historians in the distant future to reference. Almost an entire financial community sucked into a delusion that something is worth 100x its earnings.

I will however give the Cramer (CNBC) some credit today. He at least makes the point that the usual non-trading person should 'use limit orders, NOT market'. Yet, its clear, many retail 'investors' will be buying at the open with no limit..and will likely get burnt. I find it hard to even use the term 'invest' when it comes to FB, the only real 'investors' were those buying it privately in 2008/9 at the equivalent of $3. Those were the only true investors in FB.


Meanwhile..the 'real market' is open today....

Sp'60min

Summary

As noted earlier, bulls should look for a close over the hourly 10MA, but it will probably not be until the middle of next week that we might be seeing a close above and outside of the current down channel.

I will certainly keep an eye on the Facebook pricing today, I think I'll post some intra-day charts on it through today. Remember, I'm looking for a giant black doom-candle! Any 'normal' person would steer clear of this nonsense today, and merely spectate from the safe sidelines.

More across the day.