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.