Not surprised to see early morning futures signal an opening below the IPO price of $38 for the much-hyped and anticipated and talked about Facebook.  

This company has seen tremendous growth, and tremendous growth in the stock price through the time that it was a private company.  On the secondary markets, shares have traded hands and the company that was worth $25B at the time "The Social Network" came out a few years ago is now worth $100B.  

I think that if you consider how much insider stock was sold in this IPO, it seems clear that the smart money has already been made.  What's left is the dumb money, aka all of us.  I think it will be a growth stock and will grow to $200B one day, but it will sell off first - especially in today's uncertain climate.

And if you look at the price action on Friday, when underwriters made sure, with big money, that it wouldn't fall below $38, that is a very ominous sign.