Facebook (FB) is trading in strong contrarian fashion right off the open with the indexes down sharply after another weak jobs number. The 10-day moving average is at 31.82, and we are keeping an eye on FB here for a possible pocket pivot if it comes up thru the 10-day line on volume that exceeds 28,599,500 shares, the highest down-volume in the pattern over the prior 10 days. For those of you who have the technology, we would advise setting a volume alert for FB today at 28,599,500 so that when and if volume exceeds that level, AND the stock is able to clear the 10-day line, a bona fide pocket pivot buy point within the handle of a possible cup-with-handle base would occur.
Of course, we are a long way from the close, so a lot could happen between now and then, but this is something we think should be watched for in FB should it occur.
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