With new historic index highs, the momo stocks managed to push significantly upward. Facebook (FB) and Twitter (TWTR) closed higher by 4.6% and 5.9% respectively. Near term outlook is for further gains of at least 3-5%.
Suffice to say, the main market - as I suspected, is seeing another up wave, and that is really helping to bring some buyers into the battered momo stocks.
There looks to be a comfortable further 3-5% of gains to come in the near term.
FB 62, at the 50 day MA
TWTR, the big 40$ threshold
If the main market rolls over this summer - down to sp'1625/1575, both stocks could be cut in half.