Tyler Durden's picture

Forget that S&P 500 e-mini futures plunged to four-month lows at 1290; or Treasury yields crashed back to their record lows; or Gold and Silver's surge today; or WTI's plummet to almost a $90 handle; or Citi joining Morgan Stanley in the red year-to-date; or credit markets continuing into the red for the year; or IG9 10Y soaring further to 160bps - widest in 6 months; or VIX closing above 25% for the first time in 5 months (and decompressing to Europe's pain). Today was all about one thing - the disaster that was/is/and will be Facebook - between late openings, overwhelmed systems, a dump to the syndicate bid and almost 600mm shares traded with the syndicate just soaking it all up at $38.00 early and into the close. Is it any wonder that every other social media stock plunged and how do they expect to ever get another internet IPO off again (at anything but a massive discount). No matter what correlation trick was tried to juice markets today - for the tenth day-in-a-row markets saw a BTFD turn into a STFR. Not a pretty end to the ugliest week in six month for the S&P 500 as it nears its 200DMA into the close.


and (h/t Dennis Dick) for the following visual of the HFT tractor beam in FB...

And the massive dominance of the syndicate bid (as who else could it have been) is clear in this chart of the volume profile for today...with Facebook's VWAP perfectly at $40 by the close...


Morgan Stanley = Zuckerpunched



And the S&P 500 e-mini  futures SNAFU continues...


Utilities, Energy, and Materials are all now down YTD with Industrials close...


Gold had quite a week...

and longer-term stocks are catching up to risk-assets (proxied here by CONTEXT)...

And corporate bonds (dark red below) are now starting to get hit by the selling in the indices...

A quick run down of the day's events from Bloomberg TV:

Finally, this is what happens, Larry, when due to lack of real demand, you sell the second largest IPO in history to 25% retail, which has absolutely no idea how to trade a $100+ billion company and preserve the illusion of the ponz.

Charts: Bloomberg and Capital Context

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NemoDeNovo's picture

Well with GM withdrawing their AD $$$$$$$$ - WHO'S NEXT??????


FakeBook, Fed Book, Fail Book whatever...... Stick a FORK in em, they are DONE





John Law Lives's picture

Creating a Facebook account and loading it up with gobs of personal data is (and always was) a bad idea.  There is no telling how long that data will be stored, who may access it, and how it may be used in the future.

fuu's picture

In the future all of FB will be in a torrent.

John Law Lives's picture

This article (from July, 2010) really got my attention when it broke.  Alarming stuff re. FB accounts and torrent files...



fuu's picture

It will only get worse.

John Law Lives's picture

FB has compiled a massive amount of personal info. on hundreds of millions of willing users.  That amount of personal data will prove irresistable to people in power (imho).

DaveyJones's picture

I think we were saying this a few weeks ago. We should all open an account an put total bullshit about ourselves, our family, our "preferences" fake photos, just anything to screw up the database. 

Nugents Bastard's picture

Indeed.  If you post enough bullshit vacation pictures, monday-morning sad face emoticons, and random inspirational quotes on your wall, the government will never suspect that you are stockpiling gold and guns in a secret underground fortress.

Guess I'd better go update my status.  /sigh lolz

The Gooch's picture

You can't "cancel" a FLATbook account. You can only "cancel" the ability for others to "see" your profile.

Nice feature ZuckAIPAC.

Hotel CIAfornia, bitchez.



John Law Lives's picture

Good point.  No telling how long all that personal data might be retained and who might have access to it.

New_Meat's picture

"No telling how long all that personal data might be retained..."

That, Sir, would be forever.

"... who might have access to it."

Well, correct, but we can bet that they are in Utah.

- Ned

Element's picture

Facebook ... yet another hollow 'company' with no products to provide a return on the mal-'investment' in them.

Except other people's (rendered non-) personal info.


East German Stasi ... amateurs.

Paul Atreides's picture

There is a delete account option.

Barbaric tin foil hat wearing mofo that I am spent 2 hours deleting ALL the content (pictures, page likes and friends) before I actually used the delete acount option.



John Law Lives's picture

How can someone know that Facebook actually has permanently removed and deleted all the data it stored re. their account from its data servers?

battlestargalactica's picture

When Fed SWAT teams break in and plant evidence in your house, then you'll know that you are released from the Matrix.

Al Huxley's picture

I can pretty much guarantee you that it isn't.

squexx's picture

I don't know about deleting content on your page, but anyone stupid enough to invest in this sinking ship deserves to have their bank account deleted!

RaymondKHessel's picture

Exactly. I'd keep it open in a perpetual blank state (all likes, posts, EVERYTHING deleted) for 6 months to 2 years. Give their database servers time to purge your archive data. After that close or not doesn't matter.

Al Huxley's picture

It doesn't matter if it rolls off FB's backups, because it will all be in the big NSA data warehouse in Utah.

Marginal Call's picture

Try back in a month.  You'll be able to log in.


They delete nothing.

Paul Atreides's picture

If you delete the account you can no longer log in.

The Gooch's picture


Just go log back in and there it is!

Delete is a relative term.

Paul Atreides's picture

If you delete your account it will be ‘deactivated’ for two weeks same as a normal de-activate but after the two weeks it will be permanently deleted (as for the content it is most likely saved...only the Z man and the NSA know for sure). Do not login to your account during this time as it will cancel the deletion request. After the 2 weeks is up you can no longer log in.

As for delete being a relative term...for facebook I am sure it is ;)

StychoKiller's picture

Someone suggested posting nekked womyn on yer facebook acct to get banned -- it might work.

GeezerGeek's picture

Interesting link. I followed it and saw "Facebook Inc. Cl A". Did they mean CIA? Are they admitting it?

Everybodys All American's picture

More than likey these trades were made during the day and are showing in the after hours but have no bearing on current price.

Element's picture

Yeah, we can't have the core of the urban spy network going belly up ... release the Algos!

HD's picture

Could not be happier. Honestly can't get the smile off my face.

B-rock's picture

+1 No kidding!  Awesome day!


It looks like MS spent $1.7 billion to defend $38 before the close.

Gief Gold Plox's picture

Agreed. Facebook goes nowhere fast and I take delivery of silver purchased at almost bottom price.

Not a bad week for this barbarous relics hoarder.

Bunga Bunga's picture

Only barbarians are not on Facebook.

lakecity55's picture

No Shit! I too went on a PM binge right before the upswing. I'm starting a new IPO, GOLDBOOK!

GeezerGeek's picture

But how do you sew electronic Facebook shares into your clothes?

StychoKiller's picture

Use an app that runs on a multi-threaded OS!  (thanks, try the veal) :>D

Kreditanstalt's picture

"On the first day of trade the underwriters are obligated to support the IPO price. Let's see how it does on Monday."

MS must have nearly all the stock now.  Must've cost them a pile.  We'll know in the coming day or two whether they can unload it without losing a load...

















FLUSA.com's picture

Got all my Facebook stock updates on Twitter....hmmmm

Caviar Emptor's picture

Oh but you missed all of the gossip about the Kardashians, and getting messages from your great aunt in Broward County....

FrankDrakman's picture

I understand Broward County and great aunts, but what's a "Kardashian"?

Element's picture

A dreary coffee-coloured heifer with silicon udders and a corrective ego implant.

Zero Govt's picture

it's new egg-on-the-face for Goldmans

'The Invincibles' of GS and JPM have taken a bit of a hammering this week

rotten eggs anyone?

Trimmed Hedge's picture

For some strange reason I seem to be having trouble logging into my GeoCities page....

Dr. Engali's picture

You have to love metals against this tape. Maybe the Morge is starting to feel the squeeze against their short positions  there too.

Mark123's picture

Very unusual indeed....the strength of Gold in particular when VIX is so high makes me wonder.  Arn't all the lemmings supposed to rush into $US treasuries and sell gold when things get ugly????


What is Jamie up to?