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Another Facebook sympathy play is Quepasa ( QPSA), more or less the Spanish-language Facebook. This social media technology company's Latin-American platform, Quepasa, and North-American platform, myYearbook, enable users to meet new people through social games and apps, monetized through advertising and virtual currency. This stock is off to a decent start in 2012, with shares up 13%.

Quepasa has a market cap of $135 million and an enterprise value of $139 million. This stock trades at a cheap valuation, with a forward price-to-earnings of 8.67. Its estimated growth rate for this year is 102%, and for next year it's pegged at 4,200%. This is a heavily shorted stock since the current short interest as a percentage of the float is a whopping 23.6%.

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The way I would trade QPSA off the Facebook IPO is to look for long-biased trades if it breaks out above its 50-day moving average of $3.85 and then its 200-day moving average of $4.07 a share with high-volume. Look for a high-volume sustained move or close above those levels that are near or above its three-month average action of 522,344 shares.

If we get that action once Facebook starts trading or after, then QPSA could easily explode to $5 a share or higher. I say "explode" because this stock is so heavily shorted and the float is so small at just 21.11 million shares.

I would simply avoid any long trades in QPSA is it fails to trigger that move above the key moving averages with volume.

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