I sold all 300 of my Facebook shares this morning at a price of $87.27 for a short term profit of $4,702. (You can here to read why I bought FB stock almost a year ago)
Just like my recent Under Armour sale, I hated to sell this stock. I chose to do so NOT because anything is wrong with the company or their business but because of deteriorating market conditions and my fear that Facebook’s high valuation (P/E of about 88) may lead investors to sell it with more ferocity than other stocks. Also just like UA, I would love to buy FB back at a lower price and own it again when the market settles down.
This market right now is in free fall and no one knows when it will end. I have to sleep at night and ultimately I am more worried about this stock than the others. I wish I had sold it closer to $100 but I still have a nice gain and must be thankful for that. My feeling is that it is never wrong to take profits if doing that ultimately makes you feel more comfortable which is the case here.