Whilst the main market saw moderate gains, there was noticeable strength in many of the momo stocks. Facebook (FB) gained a very significant 2.8%, settling @ $67.43. Near term outlook is broadly bullish, with new historic highs viable by mid July.
So.. a strong day for FB, and indeed, new historic highs in the $73s look viable within the relatively near term.
*I remain seeking a broader main market intermediate top this summer, and if that is the case, then FB is probably no more than a month away from completing what has been a grand multi-month ramp from Jul 2013 - when FB was in the mid 20s.
Possible 'doomer downside'.. if sp in the low 1600s?
Primary would be $45/40
Secondary.. the low 30s, where there is an absolutely giant price gap... but that of course is a huge 50% lower.
I don't trade the momo stocks, but as ever, they are somewhat entertaining to keep an eye, and they can be pre-cursor warnings of main market weakness - as was the case in early March.