We now see exactly what kind of idiotic press releases are helping DaBoyz goose this stock into outer space. Yesterday, the planted, ostentatiously timely story-of-the-day concerned Facebook’s supposed intention to sell TV ads on their site for $2.5 million per day.  Think about it: revenues approaching $1B a year from just one source — presumably for an ad that could pop up in one’s face a thousand times without making even the slightest impression.

Facebook might just as easily have claimed a cure for cancer.  Anyway, the upshot for the stock is that it is bound at least for the 40.53 rally target shown (see inset), implying that FB is still a bull trade here (albeit a ‘camo’ short from 40.53).  It will be difficult to find camouflage cover for buying such an advanced rally, but I’d suggest zooming down to the two-minute chart to find an entry signal that can be leveraged. Coming off minor lows, such patterns seem to be reaching their respective p midpoints consistently. This implies that traders stand a good chance of losing little or nothing even on trades that don’t work. _______ UPDATE (August 1 at 1:02 p.m.):  If you’d monitored Wednesday’s swoon diligently on the lesser charts, the first camo buying opportunity that arose would have gotten you aboard at 36.64 (two-minute chart, 3:43 p.m. on July 31). Moreover, you would still be long a round lot this morning. Since there were no reports in the chat room of anyone having done this trade or anything like it, I have not established a tracking posittion.  The 40.53 target remains viable as a minimum upside objective, but I wouldn’t advise shorting it unless you’ve racked up some gains from the long side.