In March 2000 lastminute.com was the last big IPO in the UK before the stock market crashed. Its share price over the next year went like this:
Facebook has now gone from $38 to $29 in a week or so after its IPO.
Is it the portent of a crash to come? It seems these things have to be preceded by one last final puff of the balloon before it bursts.
I remain convinced that the stock market is heavily overvalued on the basis of, in this case not hysteria but cash that has nothing productive to do.
Let's wait and see.