It might be easy to get caught up in the Facebook hype today.
Maybe not for the reasons Mark Zuckerberg would want, though.
The price action on Facebook's initial public offering has been
dismal. As I write this, the stock's bid price is hovering around
$40, certainly lower than the $45 price point some analysts were
calling for. It doesn't look like the IPO everyone hoped for.
The truth is, the tech sector in general looks pretty bad.
Consider the "Q's":The PowerShares QQQ Trust (NasdaqGM:QQQ) is down
7.5 percent this month.
That's disappointing for the ETF analog for the broad U.S. tech
sector and, if anything, it makes me question the market timing
behind the world's most famous social network offering up its
In fact, looking at an even closer proxy for Facebook, the
Global X Social Media ETF (NYSEArca:SOCL), makes the timing look
downright terrible. That ETF, which exclusively tracks publically
traded social media companies, has dropped nearly 11 percent over
the past month.
Don't forget to check IndexUniverse.com's ETF Data
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