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One of the top Facebook sympathy plays and probably the purest play is Renren ( RENN), which is basically the Facebook of China. Its platform enables its users to connect and communicate with each other, share information and user-generated content, play online games, listen to music, shop for deals and more. This stock is off to a monster start so far in 2012, with shares up 76%.

Renren has a market cap of $2.34 billion and an enterprise value of $1.20 billion. This stock trades at a premium valuation, with a trailing price-to-earnings of 42.31. Its estimated growth rate for this year is -233.3%, and for next year it's pegged at 60%. This is an extremely cash-rich company, since the total cash position on its balance sheet is $1.04 billion and its total debt is zero. The total case per share for Renren is $2.64.

>>Top 5 Tech Stocks in a Down Market

This stock is already seeing hot action ahead of the Facebook IPO. On Wednesday, RENN traded up 6.3% to $6.21 on volume of over 13 million shares. That volume was well above its three-month average action of 9,817,950 shares. Shares of RENN also recaptured its 50-day moving average of $5.95 and stayed within its recent uptrending price pattern that's been in place for the last four months.

Market players should continue to look for long-biased traders as long as RENN is trending above its 50-day moving average of $5.95 with strong upside volume flows. I would consider volume that's tracking in close to or above 9.8 million shares as bullish. If RENN heats up off the Facebook IPO, then this stock should easily take out some near-term overhead resistance at $6.81 to $7.87 a share.

Renren also shows up on a list of 10 Stocks to "Like" When Facebook Goes Public.

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