5 Stocks to Buy Instead of Facebook

BALTIMORE (Stockpickr) -- "Facebook, Facebook, Facebook!" With all of the attention on the social nework's upcoming IPO, it's no surprise that other stocks are starting to get Jan Brady syndrome right now. But folks are focusing on the wrong firm. Here's why.

Investors looking to pick up shares of Facebook (FB) on the cheap and early are going to be sorely disappointed. Hype is strong, and the IPO is already oversubscribed in the U.S., a status that effectively guarantees a valuation on the high end of the expected range -- think a $100 billion market cap for the firm. But valuation is only part of the problem with buying FB when it goes public later this month. Trading history is another.

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Some traders are clamoring to buy shares as a momentum move, hoping to buy FB on its first trading day and sell into the buying frenzy that will ensue. The problem is that Facebook doesn't have a trading history yet, so shares have no momentum to speak of at this point. But there are some profitable technical trades taking shape in more established IPO names right now.

Today, we'll look at how to take advantage of five of them before Facebook even opens for trading.

For the unfamiliar, technical analysis is a way for investors to quantify qualitative factors, such as investor psychology, based on a stock's price action and trends. Once the domain of cloistered trading teams on Wall Street, technicals can help top traders make consistently profitable trades and can aid fundamental investors in better planning their stock execution.

Here's a look at five recent IPO technical setups that could deliver breakout gains to your portfolio this week.

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