Facebook (Nasdaq: FB) stock is up more than 30% today as investors applaud the second-quarter earnings report released yesterday (Wednesday).

Investors were thrilled to see FB earnings improve from previous disastrous quarters, and their exuberance pushed Facebook stock above $30 a share for the first time since January.

But, before you think FB stock is now the hottest investment of 2013, take a closer look at what’s going on.

First off, some of the gains are very likely thanks to a short squeeze. Heading into the release, some 39,754,124 FB shares were sold short, making it currently one of Nasdaq’s most heavily shorted stocks.

Volume suggested a race to cover shorts was in play.

And despite the solid gains, Facebook stock still isn’t trading over its May 2012 IPO price of $38, a level not seen since the famously flawed debut.

“Bottom line to me is Facebook may prove to be a great short-term trading opportunity, but I remain absolutely convinced it has no place in a long-term investor’s portfolio,” Money Morning Chief Investment Strategist Keith Fitz-Gerald said. “Where’s Eastern Airlines today? Where’s Palm Inc.? Research in Motion (Nasdaq: BBRY)? AOL Inc. (NYSE: AOL)? Myspace?”

While some investors get lured into this Facebook exuberance, here’s why Fitz-Gerald warns against it.

Sure, Facebook Earnings Weren’t Bad…

FB stock opinion aside, there’s no question this was the best Facebook earnings report since the company went public.

The social media giant posted earnings of $0.19 a share, a nickel better than forecasts, and up from $0.12 a year earlier. Revenue climbed to $1.81 billion, also beating projections of $1.62 billion, and up 53% from $1.18 billion a year ago.

The big question on everyone’s minds was how the Menlo Park, CA-based company tackled mobile. Facebook was late to the mobile arena and has been playing catch-up since. It finally appears as though it’s making headway.

Mobile advertising revenue accounted for roughly 41% of Facebook’s $1.60 billion in total advertising revenue in Q2, up from 30% in the first quarter.

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