So I bought some, seemed like the right thing to do at the time.
9:15 am, I placed a Limit order
11:30 the stock starts trading at 42, but I see no order confirmation
11:34 the stock drops to 40, I cancel the order, but it just sits there as Pending Cancel...
For 1 hour and twenty minutes I had no Idea what was going on.
NASDAQ was FUBAR on informing people about orders. So there was nothing we could do.
We couldnt buy more, we couldnt sell, all we could do was say "WTF mate"!
11:50 FB hits 38
12:50 My order goes thru, I own FB at 42, great, I think, at that time I was losing $2500, it was at 40.4
1:50 I sell my shares at 41.5, it only hit that price twice all day, I feel very lucky to have only lost $600.
4:00 FB closed at 38
I went shopping with a smile on my face.
Got $24 for another Pick-a-Brick cup of coins.
I got a Hawaiian pizza later. Sweet.
6:30 I noticed I had gotten an email at 5:22 from my online broker, entitled "Your Facebook Order Has Been Improved"
We proactively filled your order based on the opening price that you were due so that you were not restricted from trading the shares you owned. A review of your order resulted in a favorable price correction to $38.31 and this price is now reflected in your account. We apologize for the issues experienced in the marketplace today, as we are always striving to make your trading experience a positive one.
So they filled me at 42, awsome! That allowed me to bail.
Lots of people didnt have that chance. At the 4:00 close many people still had no idea what happened with orders they placed at 9:00 am.
Then later they adjusted the price I bought it at to 38.31....... AWESOME!
So instead of losing $600, I made $4200!