Not a surprise whatsoever as I've been stating for the past few days that $FB is waaaaayyy too overvalued here.

I don't mind trading the action given the volume and volatility we will see in the next few weeks .... but not a hold from here at these prices.

Underwriters now have a real problem on their hand by having to defend $38 .... and all the buying at that level came in from them .... but they can't defend indefinitely.

Regards,

George