×
Pro Analysis

Paul Meeks: Short seller wrong on Facebook, buy it

Facebook logo reflected in man's glasses on July 16, 2015 in Voronezh, Russia.
Oleg Kharseev | Kommersant Photo | Getty Images

Citron's Andrew Left announcement that he was shorting Facebook was enough to dent its market cap by $8 billion.

The technicians piled on because that move took the stock below its $115.66 50-day moving average price on high volume on Monday.

I worry about the technical breach in the short term, but once the shares stabilize and trading volume dries up, I'm a buyer. In fact, FB is about a 50 percent position in my Squawk Box Platinum Portfolio. I'm in it at an average of $108.25. If FB drops to its 200-day moving average ($105.50), which has been support since the summer of 2013, I'd go all in.