IPO play => First Trust IPOX-100 Index Fund (FPX)

2012 IPOs: Facebook, Living Social and The Carlyle Group

2013 IPOs: Twitter, Gilt Group and Virgin America

First Trust IPOX-100 Index Fund (FPX) - large growth category

The ETF's index is a rules based value-weighted index measuring the average performance of U.S. IPOs during the first 1,000 trading days (entering the index no earlier than after 5 days of trading). Top 100 IPOs ranked quarterly. FPX will not include stocks that gained over 50% in their first day of trading so if that happens with Facebook, it may not find its way into the index.

Low beta, 17% YTD return, 32.5% 3-year return, and most importantly the trailing returns beat the S&P as well as the Large Growth category year after year.

DOES NOT hold LinkedIn, Groupon, Pandora or Zynga. Top 10 holdings include: Visa, Phillip Morris, GM, Discover, Dollar General, and Marathon Petroleum.

Overbought at this point so waiting for a pullback. I think Facebook will make it's way into the index, increasing the NAV which is currently $21. Since we're running out of time I'm setting my buy around the 50 day moving average.

Buy @ $27, unsure about a sell point